1. Choose the period and gather your accounts
Decide which dates the report should cover. Download statements for every relevant business bank account. Prefer CSV or Excel when available, because they preserve the transaction columns. For PDF, use a text-based statement rather than a photo or scan. Keep your original bank records separately.
2. Read and check the transactions
Upload your files. Verify that dates, descriptions, and amounts match the statements. If the column names are unusual, use the mapping step. If any rows are malformed, correct the source file before continuing; skipping rows can make the report misleading.
3. Resolve overlaps and transfers
A monthly file and a year-to-date file may contain the same transactions. Confirm suspected duplicates rather than excluding similar payments automatically. Transfers between your own accounts should stay out of revenue and expenses. A description alone can be ambiguous, so inspect both sides when possible.
4. Separate business activity from owner and loan activity
Identify customer income and ordinary business costs. Exclude owner contributions and draws, personal spending, and loan principal. For loan repayments, use the lender’s exact principal and interest breakdown. An unknown incoming payment should stay under review until you establish what it represents.
5. Review suggestions and refunds
Check the uncertain items first, then inspect any other categories you want to change. A refund should usually offset the category of its original transaction, subject to your accounting treatment. For a credit refund of a software purchase, selecting the software expense category reduces that expense in this report.
6. Inspect the P&L and keep your exports
Check the reporting period, total revenue, direct costs, operating expenses, and net profit. Expand categories to trace the totals. Download the PDF for reading and the workbook for transaction detail. Supporting receipts and records remain necessary; an organized summary does not replace them.
When bank statements are not enough
Statement data may omit cash activity, unpaid invoices, unpaid bills, inventory adjustments, and depreciation. Net platform payouts may also hide fees or gross receipts. IRS Publication 583 discusses recordkeeping, and Publication 538 explains accounting periods and methods. Ask a qualified professional if you need adjustments or a different reporting basis.
Further reading: IRS Publication 583: Starting a Business and Keeping Records and Publication 538: Accounting Periods and Methods. This guide is general information, not tax advice.
Your next step is a statement.
Upload your business bank statements, review the categories, and preview your P&L before paying.
Upload bank statements