 Here we are in our custom zero home page going into the new company file We set up in a prior presentation that being get great guitars Thus far we have set up the new company file. We entered the beginning balances Imagining we pulled them in from the prior accounting system as we did so we set up some of those foundational items like the chart of accounts like the customers like the vendors like the items inventory and service Items necessary to make data input as easy as possible going forward now We want to take a look at some of the major reports financial statement reports balance sheet and income statement and Related reports think about what we did to construct them and what will happen with those reports as we do data input in the future So to do that, let's right-click on the tab up top so we can put our reports in them I'm gonna duplicate the tab as that's thinking. I'm gonna right-click and duplicate the tab Again, I'm gonna go back to the tab on the left as the one to the right is thinking accounting drop down Let's go into our Balance sheet here and then I'll tab to the right and then in this one accounting drop down Let's go into the income statement. Now. These are of course our major two financial statement reports And I wouldn't even call these just these aren't just reports. These are the financial statements So whenever we're thinking about reports We're typically thinking the major financial statements of balance sheet income statement and then everything else Usually is going to be providing some more detail about one or multiple line items on these major two financial statement reports So we basically set up our balance sheet accounts and remember we set up the balance sheet accounts and not the income statement accounts imagining we pulled them in from the prior accounting system because The we the income statement is a timing statement And so we would like to when we start out when we pulled in our first numbers That might be set up from from something prior a prior accounting system Or we might just have a bank account already set up or we already did some business and some people owe us money Already already know that so we so we're gonna set up those beginning items on the balance sheet and then Performance wise those are gonna be new sales going forward Ideally, we would like to set up those beginning balances Before the current period that we're gonna be working in in our case We set up the beginning balances as of December 31st 2022 so that when we do data input it will start January 2023 so you can also see that on the balance sheet of course the accounts here are permanent So when I go from 2022 And then I go into the current year that we'll be working in 2023 just go right in here and run it then the the balances are still there They're the same balances except there is adjustment to equity as we saw in the past Meaning the current amount for earnings is rolled into the owner capital account Which was retained earnings if I go to the income statement, however, these are timing accounts So if I look at the last year last fiscal year, let's say Last fiscal year and we update that report now We had something in there last year But it rolls out it closes out and there won't be anything in it in the current year So if I hit the drop-down and I go into this fiscal year We don't have anything in there as of this fiscal year. So that's good. That's what we want going forward Now let's go into the balance sheet and just take a quick look at