Exact Financials (v3)

Finance Manual C/S - Introduction

Introduction

This chapter describes the process of working with financial statements. The financial statement overviews provide a general overview of a company's financial situation at a given moment by showing some or all general ledger account balances. The most well-known overviews are:

• Profit & loss statement

  The profit & loss statement is used to determine a company's profit by comparing the revenue and expenses. See Profit and loss statement.

• Balance sheet

  The balance sheet shows a company's assets and liabilities. An opening balance sheet is drawn up at the beginning of each financial year and a closing balance sheet at the end of the year. The closing balance sheet is the same as the opening balance sheet of the following financial year. See Balance sheet.

Finance Manual C/S > Contents > Working with financial statements > Introduction