Interim Financial Reports
Interim Financial Reports
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As the various statements calculated with different dates and other criteria, and recorded in various printouts, we recommend to save these in template. Templates are tied to a particular form of balance , which is easier to work with. |
Financial reports are intended to internal reporting and operation controls. We can use formulas from prescribed annual reports or use similar templates for internal reports.
Balance Sheet (on day ...)
With balance sheet we are looking balance of assets and liabilities on one date.
To display the interim balance sheet last opening journal is needed and date for which we want to calculate values of assets and liabilities.
Example:
Dates set for balance sheet on date 31.10.2015 are:
- From 01.01.2015 (last opening journal)
- To 31.10.2015 (report on the date)
Profit and Loss (P&L) account (for the period of)
P&L is prepared for some period. For example month, half a year...
Using Date 2 in Displaying Financial Reports
At P&L report we need to collect costs and revenue for a defined period. See also chapter Using Date 2 in Displaying Financial Reports.
Example:
To get P&L from 01.10.2015 to 31.10.2015 we need to set following dates:
- from 01.10.2015 (first date in observing period),
- to 31.10.2015 (last date in observing period).
Note: do not use date 2 when collecting data for interim financial reports
We are preparing P&L for October. Initial balance is not included in the observing period. We enter same dates in Period - Date 2 as in Period:
- from 01.10.2015 (first date in observing period),
- to 31.10.2015 (last date in observing period).
Cash Flow Statement (for period...)
Cash Flow Statement for fiscal year is designed to use Date 2 as must, if we want to calculate initial balance of money.
Annual report is not designed for interim cash flow statement. Formulas and dates need to be set different.