{"id":31944,"date":"2017-05-31T11:00:57","date_gmt":"2017-05-31T03:00:57","guid":{"rendered":"https:\/\/zahiraccounting.com\/en-my\/?p=31944"},"modified":"2017-05-30T14:45:45","modified_gmt":"2017-05-30T06:45:45","slug":"how-to-create-simple-financial-report-for-companys","status":"publish","type":"post","link":"https:\/\/zahiraccounting.com\/en-my\/31944-how-to-create-simple-financial-report-for-companys.html","title":{"rendered":"How To Create Simple Financial Report for Company\u2019s?"},"content":{"rendered":"

\"How<\/a><\/p>\n

Financial statement are the report delivers the financial information to any interested party. The financial report consists of some items such as asset, receivable, capital, earned capital, and expenses in a specific time period to gain profit.<\/p>\n

Preparing the simple financial report must be done thoroughly and orderly since the presented report is the base of decision making. The steps are:<\/p>\n

    \n
  1. Preparing trial balance<\/li>\n<\/ol>\n

    The trial balance is the account list in the general ledger with debit and credit balance. This report is made when all journals have been posted to its account in the ledger. The information presented is the debit and credit balance in all accounts and as the first step to creating adjustment journal and worksheet.<\/p>\n

      \n
    1. Collecting necessary data to make adjustment journal<\/li>\n<\/ol>\n

      Some transaction data may not have been recorded and do not match to the end of a period. The collected data is to prepare the adjustment journal. \u00a0<\/i><\/p>\n

        \n
      1. Creating worksheet<\/li>\n<\/ol>\n

        In a small company, a worksheet is an easy way to manage the simple financial report. Started with the trial balance and match to the adjustment journal. Then the adjusted balance will appear in the adjusted trial balance column and these balances are reported in the balance sheet and income statement.<\/p>\n

          \n
        1. Prepare the simple financial report includes profit loss report, equity changes, and other reports<\/li>\n<\/ol>\n

          These reports are directly compiled in the worksheet. The worksheet has separated the reported amount in the balance sheet or profit loss report. Then the two reports are modified to produce an understandable balance and profit loss.<\/p>\n

            \n
          1. Adjust and close accounts<\/li>\n<\/ol>\n

            After adjusting the account in the general ledger, the next step is to create a closing journal to close the nominal account to the profit loss account and transfer the profit and loss to the unearned profit account. The information in the journal is posted to the ledger in accordance with the accounts concerned.<\/p>\n

              \n
            1. Compiling trial balance after closing<\/li>\n<\/ol>\n

              To ensure the balance of debit and credit of the opening accounts, the trial balance after closing is made. It contains the real account, excluding the closed nominal.<\/p>\n","protected":false},"excerpt":{"rendered":"

              Financial statement are the report delivers the financial information to any interested party. The financial report consists of some items […]<\/p>\n","protected":false},"author":11,"featured_media":31986,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[35,36],"tags":[40,78,77],"yoast_head":"\nHow To Create Simple Financial Report for Company\u2019s ?<\/title>\n<meta name=\"description\" content=\"Preparing the simple financial report must be done thoroughly and orderly since the presented report is the base of decision making.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zahiraccounting.com\/en-my\/31944-how-to-create-simple-financial-report-for-companys.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Create Simple Financial Report for Company\u2019s ?\" \/>\n<meta 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