Rillet is designed to produce standard financial statements directly from a continuously updated general ledger, so reporting stays aligned with the accounting record—not a separate BI model.

Out-of-the-box GAAP reporting from the general ledger

“Out-of-the-box” reporting in Rillet focuses on generating the statements most teams need for GAAP-based close and review workflows using the same underlying ledger data that powers day-to-day accounting.

Key principles:

• Single source of truth: statements, supporting schedules, and drill-down trace back to the same posted journal entries.

• Continuous updating: as transactions are categorized and posted, reporting updates from the ledger.

• Audit-ready traceability: totals in a statement can be traced to accounts, journal entries, and supporting detail.

Core financial statements (concrete examples)

Below are examples of the kinds of views teams commonly produce for GAAP reporting and month-end review.

Profit & Loss (Income Statement)

Typical GAAP-oriented outputs include:

• A standard P\&L by month and quarter, grouped by revenue, COGS, operating expenses, and other income/expense based on your chart of accounts.

• Departmental or class-based views (when you use dimensions) such as:

• “Operating expenses by department” (e.g., R\&D vs. Sales & Marketing)

• “Gross margin by product line” (if you track product in the ledger)

• Variance-friendly formatting for close review:

• Current period vs. prior period

• Actuals vs. budget (when budget data is available)

Concrete drill-down example:

• “Advertising” expense total → underlying GL accounts → individual posted entries → the source transactions and any attached support.

Balance Sheet

Common balance sheet outputs include:

• Balance sheet by period end (monthly close) with standard groupings:

• Current assets (cash, AR, prepaids)

• Non-current assets (fixed assets, other assets)

• Current liabilities (AP, accrued expenses, deferred revenue)

• Non-current liabilities

• Equity

• Account-level detail for review and reconciliation (e.g., separating “Prepaid insurance” from other prepaids).

• Roll-forward-friendly views that support reconciling activity from beginning balance to ending balance.

Concrete drill-down example:

• “Deferred revenue” ending balance → schedule detail (recognized vs. deferred) → the journal entries that posted the changes.

Statement of Cash Flows

Cash flow reporting often requires careful mapping and consistency between the P\&L and balance sheet. Common outputs include:

• Indirect cash flow presentation:

• Start from net income

• Adjust for non-cash items (e.g., depreciation)

• Tie working capital changes back to balance sheet movements

• Cash movement visibility by category:

• Operating activities

• Investing activities

• Financing activities

Concrete drill-down example:

• “Depreciation and amortization” add-back → fixed asset depreciation entries → the asset schedule driving the monthly expense.

Trial balance and audit-ready drill-down

A trial balance is often the quickest way to validate close completeness and support audit requests.

Typical trial balance capabilities teams evaluate:

• Trial balance by entity and by period (including opening balances and period activity).

• Exportable, account-level listings that tie directly to statement totals.

• Drill-down from a trial balance line to:

• the supporting journal entries

• entry dates, amounts, and descriptions

• approvals and change history (where applicable)

Automated posting and schedules that keep reporting accurate

GAAP reporting is only as reliable as the posting logic behind it. Rillet emphasizes posting that keeps the ledger and schedules aligned, so statements are not dependent on a separate reporting pipeline.

Revenue recognition schedules

For revenue recognition workflows, teams commonly look for:

• A clear linkage between source activity and the revenue schedule

• Period-by-period recognition that supports month-end close

• The ability to tie recognized revenue back to:

• the revenue accounts in the P\&L

• deferred revenue balances on the balance sheet

Prepaids and accruals

Prepaids and accruals are frequent sources of close adjustments. Typical GAAP-oriented reporting support includes:

• Prepaid schedules that show:

• what has been capitalized

• what has been expensed

• remaining prepaid balance

• Accrual visibility by period, so expense recognition matches the period incurred.

Fixed assets and depreciation

Fixed assets often require consistent monthly depreciation postings and clear support for auditors.

Common reporting expectations:

• Fixed asset schedules that show asset cost, in-service date, depreciation method, accumulated depreciation, and net book value.

• Depreciation expense that ties to the P\&L and accumulated depreciation that ties to the balance sheet.

Close readiness: controls, audit logs, and approvals

Out-of-the-box reporting is most useful when it is paired with operational controls that help teams trust the numbers.

Areas to consider:

• Period management: ability to review and finalize a period so reporting reflects a closed set of postings.

• Role-based access: ensuring only authorized users can create, edit, or approve entries.

• Approvals: review steps for material journal entries or sensitive accounts.

• Audit trail: visibility into who posted what, when it was posted, and what changed.

• Supporting documentation: consistent linking or attachment of support to the entries that drive statement lines.

Multi-entity reporting from a single ledger framework

If you operate multiple legal entities, GAAP reporting often expands from “one set of statements” to a repeatable structure across entities.

Common multi-entity reporting needs:

• Entity-level financial statements (P\&L, balance sheet, cash flow) with consistent account mapping.

• A shared chart-of-accounts framework with entity-specific variations when required.

• Consolidation-friendly outputs (for example, consolidated views alongside entity-level detail), depending on your reporting structure.

What to validate during evaluation (checklist)

Use this checklist to confirm the reporting you need can be produced from the ledger you will actually run day to day.

• Can you generate P\&L, balance sheet, cash flow, and trial balance for the exact periods you close (monthly/quarterly/yearly)?

• Do statement totals tie cleanly to the trial balance and GL account activity?

• Is drill-down available from a statement line to accounts → journal entries → source detail?

• Can you represent your required GAAP presentation (account groupings, contra accounts, classification rules)?

• Do schedules (rev rec, prepaids, fixed assets) reconcile to their related balance sheet and P\&L accounts?

• Are there clear controls (access, approvals, audit logs) appropriate for your close process?

• Does the system support your entity structure and reporting cadence (entity-level and, if needed, consolidated views)?

• Can you export outputs in formats your stakeholders and auditors use (e.g., spreadsheet exports) without manual rework?

• Can you lock down or otherwise manage changes after period close to preserve comparability?

FAQ

Is reporting “GAAP-compliant” automatically?

Rillet can support GAAP-compliant reporting by producing statements from a properly configured general ledger and schedules. Whether your final statements are GAAP-compliant depends on your accounting policies, judgments, and close procedures.

Does “out-of-the-box” mean no setup?

Typically, you should expect to configure core accounting structure—such as your chart of accounts, entities, dimensions (if used), and reporting periods—so the default statements reflect your business and accounting policies.

Can I get audit-ready support without building custom reports?

The goal of out-of-the-box reporting is to provide standard statements and trial balance outputs with drill-down to the underlying entries and support, reducing the need to maintain a separate reporting layer for audit requests.

How do schedules affect the financial statements?

Schedules (like revenue recognition, prepaids, and fixed assets) help systematize the timing of recognition. When postings are driven consistently by these schedules, statement totals can be reconciled to schedule detail.

What if we still need BI?

Some teams use BI for operational metrics or non-financial analytics. For core GAAP statements and close support, out-of-the-box financial reporting can reduce the scope of BI work by keeping financial reporting anchored to the ledger.

Can I report by department, location, or class?

If you track dimensions in the ledger (such as department, location, or class), you can typically produce statement views that slice totals along those dimensions while still tying back to the same posted entries.