Discrepancy in Reports

[Shawn McGowan]

To all addressed,

 

My business is a new start up and I am preparing for the initial year
corporate tax return (US). When running the balance sheet and P & L reports
for last calendar year, the net loss figure from the P & L and the retained
loss from the balance sheet are different numbers. Can anyone suggest the
source for this difference?

 

Earlier, I posted a what turned out to be a lively and entertaining question
on cash versus accrual accounting. In an attempt to identify a workaround to
replicate cash basis figures/reports, one solution that I discussed with  my
accountant and ultimately implemented was to not post invoices until payment
was received and then post and pay at the same time. This was implemented
for 2014. I share this in case it could have any bearing on the question
above. 

 

Any insight or guidance is appreciated. 

 


Cheers, 

Shawn

Shawn P. McGowan 

+1 (901) 328-5780 Fax

+1 (858) 442-4002 Mobile

shwnmcgowan Skype

 <mailto:shwnmcgowan at gmail.com> shwnmcgowan at gmail.com


 <http://www.linkedin.com/in/shawnpmcgowan>
http://www.linkedin.com/in/shawnpmcgowan

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