Turn a Trial Balance into an Income Statement in 4 steps

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Download file shown in video [free]:

Chapters:
00:00 Intro
03:45 Step 1 - Identify the Income Statement Accounts
04:55 Step 2 - Label the Accounts
06:03 Step 3 - Use Sumif formula
07:28 Step 4 - Format & foot the Income Statement

In this video I take a Trial Balance and use it to create an Income Statement, along with an explanation of how the accounting data flows from transactions to financial statements.

Video mentioned in the video about setup of the Chart of Accounts:
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All views expressed on my channel are mine alone. Not intended as financial or professional advice

[garylbrown]

You are the best!!! Thank you for sharing with the community and I love your no nonsense teaching style. You provide real world lessons and best practices. I have recommended your videos to numerous colleagues. Continued success.

[nicholasshook]

One of my first interviews I had to do this and failed miserably

[joshuabracke]

Been binging your content again Bill, thanks so much for this! I've accepted a position as an assistant controller, and these videos have been a great refresher. Thanks!

[shuyebrizvi]

Wow a versatile teaching method it's mind blowing, even a layman can easily understand ur content . Really a great learning sharing by u. Thanks a lot Bill...

[Thinkreal]

Will have to look at this when am free.
Thank you boss.

[shapikmulla]

A great teaching with experience. Mind-blowing ❤

[imthatguy]

Hello Bill. Can you do a comprehensive video of how cost of sale is calculated. I work for a manufacturing Comestics company in Ghana. My inventory consists of labels, bottles, raw materials, work in process, finish good & etc. please help

[inday]

Good day Mr.Bill, I can't see your comment section stating the link file to be downloaded based on your sample material ( frm TB to IS).

So much appreciated with your response on this matter.


Thank you .

[mariafetutorsantavlogs]

Woow thanks for sharing your tutorial here

[lollypop]

I have a question. Does a financial controller more suited for a promotion as a CFO or CAO? I'm still trying to figure out what is the difference between the two. And I'm in great need of your help.

[AndrewSetterington]

just to say i gave you my email but didn't receive the excell file

[bomanjuliet]

I don't have stock or even sale in my trail balance

[Gyvyvtxrx]

just to say i gave you my email but didnt recieve the excell sheet

[lamiaaitbouskri]

Do you have taxe preparation training . Like 1065, 1120, etc?

[af]

These walkthroughs are excellent. Thank you

[murarithakur]

How to make financial statements from trial balance of big companies like Amazon etc.

[MariaCorona-rt]

Hello, your videos are great! I have a question, I have not seen. How would i bring my accounts current accounts payable, account rec. and payroll accounts and inventory from one year to another with just financial statements from previous year ending balances and and new one but without statements ending balances bougt to current.

[misudhi]

Hi sir, I have doubt in I have seen some companies in trail it shows closing Cr and closing Dr and eg in fixed asset there will both amount in Dr and Cr and even in other accounts like liabilities amount will be there in both Dr and Cr why is it like that ..

[MuhammadIrfan-bsku]

Very well explained. Can you make video on Management Accounts as most of the company in Ireland and UK post jobs as Qualified accountant and during interviews ask about management accounts

[IslamGamal-jktk]

Could you pls make video about corporate treasury accountant