Financial Reports
TimelyChurch includes a full accounting module with financial reports designed for church treasurers, finance committees, and board meetings. Financial reports are located in the Finances > Accounting > Reports section of the admin panel.
Permissions: Financial reports live in the Accounting module, so they are gated by the
accountingmodule permission on your role (Accounting sits in the Finances category alongside Giving, Funds, Pledges, and Budgets). Church administrators have full access by default. To grant access to a treasurer or finance volunteer, open Settings > Manage Roles, edit (or create) the role, and turn on the Accounting module permissions in the Module Permissions grid. Each module exposes individual action checkboxes (View, Create, Edit, Delete, Reconcile), plus a Permission Scope (Self / Team / All) that controls whose records the role can affect.
Accessing Financial Reports
- From the admin sidebar, go to Finances.
- Open Accounting, then click Reports (the Accounting workspace uses a shared finance sidebar, so the Reports link stays available as you move between accounting pages).
- The Reports hub page shows summary cards and links to all available financial reports.
Reports Hub
The Financial Reports hub provides a quick summary of your church's financial position with stat cards across the top:
- Total Assets -- Sum of all active asset account balances.
- Total Liabilities -- Sum of all active liability account balances.
- Net Worth -- Total assets minus total liabilities.
- YTD Net Income -- Year-to-date income minus expenses.
Note: If your church runs the Simple Checkbook accounting mode, the hub simplifies these cards (Total Assets is labeled "In the Bank," and the Liabilities and Net Worth cards are hidden) and makes the Treasurer's Report the flagship card. The reports described below that assume double-entry bookkeeping (Balance Sheet, Trial Balance, General Ledger, Budget vs Actual) are hidden in Simple mode.
From this page, you can navigate to any of the detailed reports described below.
Balance Sheet
The Balance Sheet reports your church's financial position at a single point in time, listing assets, liabilities, and equity.
How to Access
- Go to Finances > Accounting > Reports.
- Click Balance Sheet.
- Optionally enter an As Of Date (defaults to today) to view a historical balance sheet.
What the Report Includes
- Assets -- All active asset accounts (checking, savings, cash, receivables) with their balances, sorted by display order.
- Liabilities -- All active liability accounts (credit cards, loans, accounts payable) with their balances.
- Equity -- All active equity accounts.
- Total Assets, Total Liabilities, Total Equity.
- Net Assets (Assets minus Liabilities) -- the church's net financial position.
When you choose a historical date, balances are recomputed from each account's opening balance plus all transactions (income, expenses, transfers in/out) dated on or before that date, using the same sign convention as live account balances.
Tip: Run the Balance Sheet at the end of each fiscal year and archive the PDF. It is the foundation document for any audit, loan application, or 990 filing.
For a deeper walkthrough of every line and how to interpret the report, see Balance Sheet Walkthrough.
Treasurer's Report
The Treasurer's Report is a one-page monthly summary designed to be presented at board meetings. It provides a complete financial snapshot for a given month.
How to Access
- Go to Finances > Accounting, then open the Reports hub.
- Click the Treasurer's Report card (in Simple Checkbook mode it is the large flagship card at the top of the hub).
- Select a month using the month picker (defaults to the current month).
What the Report Includes
- Bank account balances -- Listing of all asset accounts with current balances.
- Income summary -- Total income for the selected month, broken down by income category.
- Expense summary -- Total expenses for the selected month, broken down by expense category.
- Net income -- Income minus expenses for the month.
- Comparison data -- Month-over-month or year-to-date comparisons where applicable.
Printing and PDF
The Treasurer's Report can be exported as a PDF for distribution to board members. Use the print/PDF option on the report page.
Tip: Generate the Treasurer's Report at the end of each month before your board meeting. The one-page format is designed to give financial oversight without overwhelming non-financial board members.
Income Statement (Profit & Loss)
The Income Statement shows all income and expenses for a selected period, organized by category.
How to Access
- Go to Finances > Accounting > Reports.
- Click Income Statement.
- Select a date range.
What the Report Includes
- Income by Category -- All income transactions grouped by their assigned category, with subtotals.
- Expenses by Category -- All expense transactions grouped by category, with subtotals.
- Total Income -- Grand total of all income.
- Total Expenses -- Grand total of all expenses.
- Net Income -- Total income minus total expenses.
Tip: Use the Quick Report Links at the bottom of the Reports hub for one-click ranges -- YTD Income Statement, This Month P&L, and Last Month P&L are all pre-set for you.
Trial Balance
The Trial Balance lists every account on a single page with debit (Dr) and credit (Cr) columns, so you can confirm that total debits equal total credits. It is the standard first sanity check a bookkeeper or CPA runs.
How to Access
- Go to Finances > Accounting > Reports.
- Click Trial Balance.
Note: Trial Balance is a double-entry report and is shown only in Full Accounting mode.
What the Report Includes
- Every account in your chart of accounts.
- Debit and credit columns for each account.
- Totals that should balance (debits equal credits) when your books are in order.
General Ledger
The General Ledger lets you pick any account and see every transaction posted to it, with a running balance.
How to Access
- Go to Finances > Accounting > Reports.
- Click General Ledger.
- Select the account you want to inspect.
Note: Like the Trial Balance, the General Ledger is a double-entry report and is available only in Full Accounting mode.
What the Report Includes
- Every transaction for the selected account.
- A running balance after each transaction.
- Transaction details (date, description, amount) for tracing and audit work.
1099 Vendor Report
The 1099 report identifies vendors who have been paid at or above the IRS reporting threshold ($600) during a tax year.
How to Access
- Go to Finances > Accounting, then open the 1099 Report.
- Select the tax year (defaults to the current year).
What the Report Includes
- A list of all payees flagged as "1099 vendor" in your system.
- Total payments made to each vendor during the selected year.
- Indication of which vendors meet or exceed the $600 IRS threshold.
- Vendor contact details (name, address, tax ID) needed for 1099 form preparation.
Tip: Run this report in early January to identify which vendors need 1099 forms. The IRS deadline for distributing 1099-NEC forms is January 31.
Reconciliation Report
After completing a bank reconciliation, you can generate a reconciliation report that documents the results.
How to Access
- Go to Finances > Accounting > Reconciliation.
- Select a completed reconciliation.
- Click Report to view or download the reconciliation summary.
What the Report Includes
- Account name and reconciliation period.
- Starting and ending balances.
- Cleared transactions during the period.
- Outstanding (uncleared) transactions.
- Reconciled balance vs. bank statement balance.
This report is available as a PDF for your records.
Budget Reports
TimelyChurch ships three budget reports: a Variance Report, a Monthly Breakdown, and a printable Board Report PDF. All three are launched from the budget detail page (Finances > Budgets > [select budget]).
Budget Variance Report
The variance report shows how actual income and expenses compare to budgeted amounts.
How to access: Go to Finances > Budgets, select a budget, then click Variance.
What the report includes:
- Each budget line item with:
- Budgeted amount
- Actual amount (from transactions)
- Variance (difference between budgeted and actual)
- Variance percentage and favorable/unfavorable status
- Progress bar (percent of planned spending used)
- Summary totals for income, expenses, and overall.
- A YTD comparison band (annual budgets only):
ytd_planned = (total_planned / 12) * months_elapsed. This lets you see whether actual spending is ahead of or behind the straight-line monthly pace. If the budget is annual but today falls outside the budget period, no YTD figure is shown. - Budget alert banner: any expense line at 90% or more of its planned amount surfaces a flash warning at the top of the page.
Tip: Review the Budget Variance report monthly to catch overspending early. Categories significantly over budget should be flagged for discussion at your next finance committee meeting.
Budget Monthly Breakdown
The Monthly Breakdown view spreads each budget line into a per-month grid so you can see seasonality and which months are off pace.
How to access: From the budget detail page, click Monthly Breakdown (URL: /budgets/{budget}/monthly).
What the report includes:
- One row per budget item, with one column per month in the budget period.
- For each month: planned (total planned divided evenly across the budget months) and actual (sum of transactions in that category and fund for that month). Months where actual exceeds planned are flagged.
- A filter to show Income only, Expense only, or Both.
- A summary row of monthly totals plus grand totals (planned and actual) at the bottom.
Tip: Use Monthly Breakdown for cash-flow planning. If actuals run hot in early months for a flat-budgeted line, expect the rest of the year to be tight unless the underlying spending pattern changes.
Board Report PDF
A pre-formatted PDF designed for board meetings, summarizing both income and expense variance in a clean print layout.
How to access: From the budget detail page, click Board Report (PDF) (URL: /budgets/{budget}/board-report). The PDF downloads immediately.
What the report includes:
- Income items: category, fund, planned, actual, variance, variance percent.
- Expense items: same columns.
- Income, expense, and overall variance summary blocks.
- Generation timestamp and church branding.
For a deeper walkthrough of all three budget reports, see Budget Reports.
Simple vs. Advanced Accounting Mode
TimelyChurch supports two accounting modes:
- Simple Checkbook -- Basic income and expense tracking, suitable for smaller churches.
- Full Accounting -- Double-entry bookkeeping with assets, liabilities, equity, and full financial statements.
The available financial reports depend on which mode is active. The Balance Sheet, Trial Balance, General Ledger, and Budget vs Actual reports assume Full Accounting and are hidden in Simple mode; the Treasurer's Report and Income Statement work in either mode. A church admin can switch between modes from the accounting settings -- see the accounting section of the knowledge base for details.