After any adjusting entries have been made or entered into a worksheet, your financial statements can be prepared using information from the ledger accounts. Because some of your financial statements use data from the other statements, here is a logical order for their preparation:

Income Statement
- The income statement reports all revenues and expenses, and provides you with the resulting net income. It is prepared by transferring the following ledger account balances, taking into account any adjusting entries that have been or are still to be made:
  - Revenue
  - Expenses
  - Capital gains or losses
Statement of Retained Earnings
- The retained earnings financial statement will give you the retained earnings at the beginning and end of the accounting period. This statement can be prepared by using the following information:
  - Beginning retained earnings, taken from your previous statement of retained earnings.
  - Net income, this figure can be taken from your income statement
  - Dividends paid during the accounting period
Balance Sheet
- The balance sheet reports the assets, liabilities, and shareholder equity of your company. It is constructed using the following information:
  - Balances of all asset accounts such cash, accounts receivable, etc.
  - Balances of all liability accounts such as accounts payable, notes, etc.
  - Capital stock balance
  - Retained earnings, obtained from the statement of retained earnings
Cash Flow Statement
- The cash flow statement explains any reasons for changes in your cash balance. It should show the sources and uses of cash in all of your operating, financing, and investing activities. This financial statement is a cash-basis report, which means it cannot be taken directly from the ledger account balances of an accrual accounting system. You will have to convert your accrual information to a cash-basis using one of the following two methods:
  - Direct method: cash flow information is derived by directly subtracting cash disbursements from cash receipts.
  - Indirect method: cash flow information is derived by adding or subtracting non-cash items from net income.

Sound confusing and time consuming? IT IS! Why not leave the hard work to the professionals who understand the quickest and most reliable way to prepare your financial statements.

Our experienced Gold Coast team can relieve you of the nightmare of reporting and recording information, and our accuracy is guaranteed. Wherever you are in Australia (or overseas), our experts can make sure your accounting needs are our priority. We make a point of regular contact, either by visiting in person if you are on the Gold Coast or in Brisbane, or via skype, Viber, emails etc for those outside our local area.

Book a personalised business
assessment and strategy
session at your office.

Testimonials

lane.erin

I was so impressed with the service I will definitely refer my clients to Francis. He really takes the time to explain why something is the way it is. The key to a great relationship with any professional is communication, whether it is an email or a phone call they are very timely when it comes to responding. He has always been able to accommodate my crazy schedule when it comes to personal meetings as well. I can’t say enough about Accounting iCue.

Sam Blancia

I’ve known Francis and his team for more than 5 years now and he is a very knowledgeable accountant and tax consultant who is always up to date with tax matters. He is upfront and always gives me sound advise for both business and personal tax issues. They are quick to respond to any requests and they process tax returns very promptly once they have all the information. I have no hesitation in recommending Francis and his team to any business or individual looking for a reliable and trustworthy Accountant.

Jonathan Munck

Francis is an amazing accountant. His speed to action great, his willingness to discuss strategy, cash flow advice excellent. I am no amateur to finance being a mortgage broker. He is an accountant for small business… Being a business owner himself…He will give you the best outcome possible! Couldn’t be happier. Thanks again Francis.

Jon De Guzman – Smartline

Francis always has your best interest covered. His very dynamic and always very professional. I personally use Francis for my own business and personal taxation and have also referred many of my clients and friends to Francis and the team at AccountingiCue . You know what you get from Francis and the AccountingiCue team, honest, professional advise.

	PO Box 3243 Helensvale Town Centre Gold Coast QLD 4212
	[email protected]
	0400 630 930	Tap To Call

Book a personalised business
assessment and strategy
session at your office.

Our Services

Testimonials

Useful Link

Book a personalised business assessment and strategy session at your office.

Our Services

Testimonials

Useful Link

Book a personalised business
assessment and strategy
session at your office.