We use a custom query that looks directly at the Donor Database's tables. Then, a summary (pledge amount, payments by month, total payments, fees assessed) is stored in a separate table, and the info is viewed via Excel.
I wouldn't recommend this approach unless you have a strong database person. Our report was unreliable for years before it finally got passed to me. I got it working, but it took a bit of work.
Maybe check and see if your accounting software can provide what you need (if you use something separate from the donor database).
Please let us know what solution you decide on. I always like to hear what other people are doing.