Producing the Year-End P&L Statement
At year-end, you summarize your activity for the year on the year-end P&L statement. Many companies show quarter-to-quarter results in addition to the year-end summary. Again, as with the monthly P&L statement, you have a lot of flexibility about how you set up the year-end statement.
The key points to remember as you design your year-end report are that you include the seven key items mentioned previously plus whatever additional information or detail that makes these statements more useful for you and your managers as you plan your future business activities.
Now that you know how to close your accounts monthly, prove out your numbers, and complete your financial statements, let’s look at how you finish ...