Financial Reports

Overview

TimelyChurch provides several built-in financial reports that give you and your church leadership a clear picture of your financial health. All reports pull data directly from your accounting transactions, so they are always up to date -- no waiting for month-end processing.

Accessing Reports

Open Finances > Accounting, then click the Reports tab in the accounting tab bar (the row that runs across the top: Dashboard, Check Register, Transactions, Giving, Bills, Reports). This opens the Reports hub.

At the top of the hub you'll see quick-stat cards summarizing your finances, followed by a grid of report cards. Click any card to open that report.

Throughout this article, when a section says "open the Balance Sheet," it means: go to the Reports tab and click the Balance Sheet card.

Simple mode vs Advanced mode

The Reports hub changes depending on which accounting mode your church uses. You set this in Finances > Accounting > Settings.

• In Advanced mode (the default), the hub shows the full set of stat cards -- Total Assets, Total Liabilities, Net Worth, and YTD Net Income -- and every report card described below.
• In Simple mode, the hub is streamlined for a volunteer treasurer. Some accountant-oriented cards are renamed or hidden (see each report's section for details), and the Treasurer's Report is promoted to a large flagship card at the top of the hub.

In Simple mode you'll also notice a few relabels elsewhere in the accounting tab bar: Transactions reads as Money In / Out, and the Setup ▾ menu is labeled More ▾.

Balance Sheet

The Balance Sheet shows a snapshot of your church's financial position at a specific point in time. It answers the question: "What does the church own, what does it owe, and what is its net worth?"

Note: The Balance Sheet card appears in Advanced mode only. In Simple mode it is hidden, since most volunteer treasurers rely on the Treasurer's Report instead.

Sections

• Assets -- All asset accounts (checking, savings, property, equipment, etc.) with their current balances.
• Liabilities -- All liability accounts (accounts payable, loans, credit cards, etc.) with their current balances.
• Equity -- Net asset accounts (unrestricted and temporarily restricted).
• Net Assets -- Total Assets minus Total Liabilities.

Running a Balance Sheet

1. On the Reports tab, click the Balance Sheet card.
2. By default, the report shows balances as of today.
3. To view a historical balance sheet, select an As Of Date and click Update.

Note: When viewing a historical date, TimelyChurch recalculates each account's balance by starting from the opening balance and summing all transactions through the selected date. This gives you an accurate point-in-time snapshot.

Using the Balance Sheet

• Present the Balance Sheet at board meetings to show the church's overall financial position.
• Compare month-over-month or year-over-year by generating the report for the last day of each period.
• Verify that your total assets reasonably match your bank statements and known property values.

Income Statement (Profit & Loss)

The Income Statement shows your church's financial activity over a period of time. It answers the question: "How much money came in, how much went out, and what is the net result?"

Note: In Simple mode this card is labeled Money In vs Money Out (the YTD figures on the card read "YTD In" and "YTD Out"). It's the same report -- only the wording is friendlier for non-accountants.

Sections

• Income by Category -- All income transactions grouped by category (e.g., Tithes & Offerings, Designated Gifts, Fundraising, Interest Income), with totals for each category.
• Expenses by Category -- All expense transactions grouped by category (e.g., Payroll, Utilities, Building & Maintenance, Missions), with totals for each category.
• Total Income -- Sum of all income categories.
• Total Expenses -- Sum of all expense categories.
• Net Income -- Total Income minus Total Expenses. A positive number means the church took in more than it spent; a negative number means it spent more than it took in.

Running an Income Statement

1. On the Reports tab, click the Income Statement card (the Money In vs Money Out card in Simple mode).
2. By default, the report shows the current year (January 1 through today).
3. Adjust the Start Date and End Date to view any period.
4. Click Update.

Using the Income Statement

• Run monthly for finance committee meetings (set dates to the first and last of the month).
• Run quarterly for board reports.
• Run annually for year-end review and tax preparation.
• Compare to the same period last year to identify trends.

Trial Balance

The Trial Balance lists every account on a single page with debit (Dr) and credit (Cr) columns. It's the classic accountant's first sanity check -- if total debits equal total credits, your books are in balance.

This is an accountant-oriented report. Its card appears on the Reports hub in Advanced mode only, but you can also reach it in either mode from the Setup ▾ menu (labeled More ▾ in Simple mode) under Trial Balance.

To run it, click the Trial Balance card on the Reports tab (or pick it from the Setup ▾ / More ▾ menu). Use it to confirm your accounts are balanced before generating other reports or handing your books to a CPA.

General Ledger

The General Ledger lets you pick a single account and see every transaction posted to it, along with a running balance after each entry. It's the report to reach for when you need to trace exactly how an account reached its current balance.

Like the Trial Balance, the General Ledger card appears on the Reports hub in Advanced mode, and is available in either mode from the Setup ▾ / More ▾ menu under General Ledger.

To run it, click the General Ledger card on the Reports tab (or choose it from the Setup ▾ / More ▾ menu), then select the account you want to review.

Treasurer's Report

The Treasurer's Report is a one-page summary designed specifically for board meetings and church business meetings. It presents the most important financial information in a clear, non-accountant-friendly format.

Tip: In Simple mode the Treasurer's Report is the flagship report -- it appears as a large card at the top of the Reports hub, since it's the report most volunteer treasurers need most often.

Contents

• Report month and preparation details.
• Beginning Balance -- Total bank account balances at the start of the month.
• Income by Category -- How much came in and from where.
• Expenses by Category -- How much went out and to where.
• Total Income and Total Expenses for the month.
• Net Change -- The overall increase or decrease in cash.
• Ending Balance -- Total bank account balances at the end of the month.
• Fund Balances -- The balance of each fund as of the end of the report month.
• Bank Account Balances -- Individual balances for each bank account.

Running the Treasurer's Report

1. On the Reports tab, click the Treasurer's Report card (the flagship card at the top of the hub in Simple mode).
2. Select the month you want to report on.
3. Review the report on screen.
4. Click Download PDF to generate a formatted PDF suitable for printing or emailing.

Using the Treasurer's Report

• Generate monthly and present at board or business meetings.
• Email the PDF to board members who cannot attend in person.
• Keep printed copies in your church's financial records for auditing purposes.

Tip: The Treasurer's Report calculates beginning and ending balances from actual transaction data, not just current account balances. This means you can generate accurate reports for any past month.

1099 Vendor Report

The 1099 Vendor Report helps you identify vendors who require IRS Form 1099 filing at year-end. See the Managing Payees and Vendors article for details on setting up 1099 tracking.

Contents

• Vendors Requiring 1099 -- All 1099-designated vendors who received $600 or more during the selected tax year.
• Vendors Below Threshold -- 1099-designated vendors who received less than $600.
• Missing Tax ID Warnings -- Flags for any vendor requiring a 1099 who does not have a Tax ID on file.
• Total Reportable Payments -- The sum of all payments to vendors above the threshold.

Running the 1099 Report

1. Open the 1099 Vendor Report. It's part of the Reports area; if you don't see it on the Reports hub, set up your 1099 vendors first on the Payees screen (under the Setup ▾ / More ▾ menu) -- the report covers payees flagged as 1099 vendors.
2. Select the tax year.
3. Review the report on screen.
4. Click Download PDF for your records.

Budget Reports

If you have an active budget, three reports are available from the budget detail page:

• Variance Report -- Compares planned amounts to actual transactions for every line item, with subtotals by income/expense.
• Monthly Breakdown -- Shows actual income and spending per category across each month of the budget period. Useful for spotting seasonal patterns.
• Board Report (PDF) -- A print-ready PDF summary designed for board meetings, separate from the variance detail report.

See Budget Management for the full details on each.

Transaction Export (CSV)

While not a formal report, the CSV export feature lets you extract transaction data for use in spreadsheets or external tools.

1. Go to Finances > Accounting and open the Transactions tab (labeled Money In / Out in Simple mode).
2. Apply any desired filters (date range, account, category, type).
3. Open the New Transaction split-button menu and choose Export CSV (it downloads the filtered list).

The export includes: Date, Type, Description, Account, Category, Payee, Fund, Amount, Check Number, Reference Number, and Reconciled status.

Tip: Use the CSV export to create custom reports in a spreadsheet, share data with an external accountant, or import into tax preparation software.

Reconciliation Report (PDF)

For each completed bank reconciliation, you can download a PDF report showing:

• Account name and statement date.
• Beginning balance, cleared deposits, cleared payments, and ending balance.
• A list of all cleared transactions.

See the Bank Reconciliation article for details.

Tips for Financial Reporting

Run reports monthly at minimum. Even if your board only meets quarterly, running monthly reports helps you catch issues early.

Use consistent date ranges. When comparing periods, use the same date boundaries (e.g., always use the first and last day of the month, not arbitrary dates).

Present the Treasurer's Report to your board. This is designed to be understood by people without an accounting background. It covers the essential information a church board needs to provide financial oversight.

Keep PDF copies. Download and archive PDF reports monthly. This creates a paper trail that is valuable for audits, insurance claims, or leadership transitions.

Reconcile before reporting. Run your bank reconciliation before generating reports for a period. Reconciliation catches errors that would otherwise appear in your reports.