Difference btw Bal sh & P&L

[Maf. King]

On Wednesday, 12 April 2017 08:17:41 BST Alain Dormoy wrote:
> Wouldn't that affect both the P&L AND the Balance sheet?
> --

Hi Alain,

There is a fundamental difference between the reports - P&L is across a period 
of time, Balance Sheet is "as of" one date only.

So if you have a transaction that is outside the date range of the P&L, it 
would still affect the balance sheet.

HTH,
Maf.