August 17th, 2018.
A profit and loss account (P&L) template is important whether you are running a business or in the process of setting one up. If the latter, as a part of P&L forecasting, it forms a required part of a business plan.A profit and loss sheet shows business performance over a specific period of time, recording incomings and outgoings and sales income generated, including estimates of work in progress but not yet invoiced.
A part of your annual accountingA P&L statement is usually prepared annually and shows revenues and costs and how much profit has been made over the period
.It should form part of your overall bookkeeping set of documents – along with a balance sheet and cash flow forecast.
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