Hi Abraham,
A P&L statement, often referred to as the income statement, is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal year or quarter.
Accounting is an interesting field that allows flexible approaches provided you still following the rules and regulations of the accounting profession.
To answer your question, YES, The P or L statement could be said to have an opening and closing balance.
Your Companys closing profit for last year could be the opening profit for this year (ceteris paribus).
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Wow, it’s amazing learning through the software 🙏♥️
Please which names are supposed to be under the name column?
Suppliers, employees, customers or which please?
please does are profit or loss item suppose to have an open balance?
Hi Abraham,
A P&L statement, often referred to as the income statement, is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal year or quarter.
Accounting is an interesting field that allows flexible approaches provided you still following the rules and regulations of the accounting profession.
To answer your question, YES, The P or L statement could be said to have an opening and closing balance.
Your Companys closing profit for last year could be the opening profit for this year (ceteris paribus).
Thanks
https://chat.whatsapp.com/H6RxRvHCsg36fa7ZXpftA4
Quite similar to Peachtree but simpler
Hello. My quickbooks is a trial version and keeps asking me to set up subscription. It’s a little different from yours