Clio Accounting reports provide a detailed overview of your firm's accounting processes. Regularly generating these reports can help you get a good understanding of your firm's financial situation, spot discrepancies, and remain compliant. If your firm is required to submit regular trust reconciliation reports to state bar associations, staying on top of your reconciliations and reports can make it easier to make those submissions.
This feature is just one component of Clio Accounting. Learn more about the other features by reading the articles listed below. We recommend starting with "Clio Accounting: Basics and Guidelines to Get Started" and routinely reviewing the recommended guidelines list to stay on top of your accounting and bookkeeping.
Generate reports
Depending on your law firm, you may access reports at the end of each month, gearing up for the end of a month, or at another period in the month. It may be most beneficial to generate accounting reports after doing bank feed matching and account reconciliation, allowing you to compare your report results to your reconciled accounts.
Note: Reconciliation reports are only available once an account reconciliation is completed. Learn more about operating and trust account reconciliation and how to view reconciliation reports here.
- Go to Reports.
- Select the name of a report you want to generate.
- Fill in the relevant details. Each report requires you to fill a set of fields relevant to that report.
- Reporting period or a custom Start date and End date: Select an option from the Reporting period menu, or use the Start date and End date to select a custom date range.
- As of date: Select the calendar date for which you want to generate a snapshot of your firm's financial position at the close of that business day.
- Accounting method: Select Accrual basis if you want the report to show transactions at the time that revenue is earned and expenses incurred, or select Cash basis if you want the report to show transactions according to when funds change hands.
- Only show accounts with balances: Check this box to exclude accounts with no balance.
- Ledger accounts: When generating a General ledger report, you can select a specific ledger, or generate the report for all ledgers.
- Output to: Select Web to view the report in Clio, or select PDF or CSV to download a copy of the report to your computer in either of these formats.
Profit and loss statement
The profit and loss statement provides a breakdown of revenues and expenses that make up your net income. You can generate this report at any time, but reviewing it on a monthly basis helps ensure accurate financial reporting.
The profit and loss statement organizes transactions into revenue and expense categories based on your Chart of Accounts. These categories may include:
- Revenue: Client refunds, fee income, interest income, service income, uncategorized income.
- Expenses: Operating expenses such as processing fees and payroll.
General ledger report
The general ledger report shows all financial activity transactions for your firm in a specific period of time. It includes general ledger account names, beginning balances, payments, interest, dates, and totals for each account.
Balance sheet report
The balance sheet report informs on what you own (assets) and owe (liabilities) within a certain period of time. It shows current and long-term assets, current and long-term liabilities, shareholders' equity, and current debt and equity ratios. This report will not show account receivables, trust accounts, or undeposited funds accounts. This report should be generated monthly.
Trial balance report
The trial balance report lists the ending balances of all general ledger accounts, including the total of each asset, liability, equity, expense, and income account. It can help you identify the balance of debit and credit entries from the transactions recorded in the general ledger at a certain point in time. This report should be generated monthly before generating the balance sheet report.
Cash flow statement report
The cash flow statement shows your firm's incoming and outgoing cash at a given time. It measures your firm's strength, profitability, and long-term future outlook. This report can help you determine whether your firm has enough liquidity or cash to pay its expenses and can predict future cash flow to help you with budgeting your matters. This report will not show account receivables and account payable funds. This report should be generated monthly.
Reconciliation report
Reconciliation reports provide a summary and details overview of completed operating and trust account reconciliations. For trust account reconciliations, you can view a summary of cleared and uncleared balance in client ledger accounts and easily provide details that trace back the source of each transaction if your firm is audited.
Once generated, you can view and print the Reconciliation report as a PDF.