In addition to the monthly account statements (tax, savings), Lili also offers four statements and reports with the Lili Premium and Lili Smart plans. Those new reports can be found under "Accounting Reports”, and are:
- Income and Expense
- Profit and Loss
- Statement of Cash Flow
- Schedule C
Income and Expense Report
The Income and Expense report lists the total income and total expenses associated with the Lili account, for the period chosen. In addition, the expense portion of the report lists the expenses by category.
Profit and Loss Report
The Profit and Loss statement is broken into two sections: Income and Operating Expenses. Within each section, the transactions are listed based on the category that was assigned by the customer to the transaction, whether it be Income (incoming deposit) or an Expense (outgoing payment).
Statement of Cash Flow
The Cash Flow statement is broken into several sections:
- cash flow from operating activities: cash provided by clients (Sales, Services), cash used in operations (advertising, business insurance, car expenses, contract labor, etc.)
- cash flow from investing activities: rent or lease of equipment
- cash flow from financial activities: loan payment (interest, principal)
- net change in cash
- beginning and ending cash balance
Schedule C
An IRS Schedule C, or Profit and Loss, is a tax form you file with your Form 1040 to report income and expenses for your business. For more information, go here.
When the customer chooses Accounting Reports, they will see the following options:
Along with these additional reports, Lili will be introducing new category types. For information about the income and expense categories available, please go here.
The customer can generate a report/statement based on preselected/selected dates (period of time). In case there are transactions that are not categorized, for the selected period, the customer will be prompted to add a category to each of them. That way, if the transactions are relevant to the selected report, they will be included.
Here is an example of a portion of an Income and Expense report:
Here is an example of a portion of a P&L (Profit and Loss) Statement:
Here is an example of a portion of a Statement of Cash Flow:
Here is an example of a portion of a Schedule C:
Note: if you have a business associated with your Lili account, the business name will appear just under the business owner's name in the first three reports above (Income and Expense, Profit and Loss, Statement of Cash Flow).
Lili is a technology company and not a bank. Banking services are provided by Choice Financial Group, Member FDIC. The Lili Visa® Business Debit Card is issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A.