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Goff Kansas | good advice. I used to do the Bal Sheet on the 31st, but it seemed from yr to yr, with in and outflows of monies around that date, the finance picture was not reliable. I switched to Feb 1, and by then payments are made, and new money is recieved. The important thing is though, to keep the date the same each year. Was doing some loan work in the fall once, and needed a balance sheet. Made one up, and was drastically different than the Feb 1 sheet. By Feb 1 everything was back to normal so to say. If the bank asks for an updated, one, simply say I do one a year, and on a certain date, and that is it. Anything other than that gives an inaccuate picture of my business. | |
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Creating a balance sheet
