O'Reilly logo

The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Reformatting the Data for Specific Uses

As long as your P&L statement includes the seven pieces of information mentioned earlier in this chapter, you have a lot of flexibility about how to format that statement based on business needs. After Lisa is in business for more than a year, she may want to do a P&L statement that compares January 2010 to January 2011 and so on through the year in addition to comparing to the previous month. She can do that by adding an additional column.
She may also find it useful to compare quarter to quarter both for the current year and the previous year. Usually a business that wants to look at the numbers quarterly will do statements, one for the current month and a separate one for the quarter.
You also might ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required