Financial Reports - Income Statement- Balance Sheet?

  • Thread starter Thread starter John
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John

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I can see in every accounting opening there is a duty called "Preparing month end financial reports like Income Statement and B/S".
In every software, the financial statements are prepared automatically as soon as we enter journal entries.

So what does this duty mean?? Is this like reconciling the financial statements?

Please give some valuable and relevant info regarding this!
Good Reply...I am satisfied!

Thanks a lot'

I am familiar with software like QuickBooks-Peachtree which performs all things automatically. But there might be applications which might not be like these and might not be Graphical user interface..
 
All it means is, essentially, entering all the journal entries and then, when financial statements are needed, looking them over and making sure they're correct- that everything is in the proper account, etc.

However, doing automatically assume the company is using a type of software that does the F/S for you. As a public accountant, we use many MANY kinds of software, and only those meant to be "user friendly" or "dummy-proof" have automatic F/S. The rest of them, you have to create yourself by telling it which accounts go where, formatting it correctly, etc. Not all companies use "friendly" software like PeachTree or Quickbooks.

Good luck to you! :0)
 
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