Generally accepted accounting practice requires that a company’s financial information be periodically compiled in two financial statements: a balance sheet and an income statement. The balance sheet provides a summary of a company’s resources, liabilities, and equity at a given point in time. The income statement shows profit or loss for a given time period. The amount of detail presented in these statements often varies according to the audience.

Most companies print a trial balance summary or detail report before printing statements. The trial balance lists the title and amount for all accounts, making it easier to spot errors and make adjusting entries before printing formal statements.

Report structures let you define a hierarchy of levels for which data is accumulated for the Balance Sheet and Income Statement reports.