Use this template to build your own profit and loss account as a small business owner. 2015 to include further reading advice and XLS sample profit and loss account templates for downloading. A profit and loss account template is important whether you are running a profit and loss sheet pdf or in the process of setting one up.
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. L statement is usually prepared annually and shows revenues and costs and how much profit has been made over the period. Balance Sheet and Cash Flow Forecast. 50,000 a year, a Profit and Loss Statement is required for HMRC. Quick Tip: Small businesses can maximize their performance with top-notch cloud based solutions from Cloud Desktop Online. For hosted Sharepoint and other top-notch hosted software products visit Apps4Rent. Monthly profit and loss forecast for two years.
Profit forecast for further three years. Monthly cash flow forecast for two years. Use the templates below to build your own profit and loss account. The templates are done to be in line with HMRC reporting requirements for self-employed professionals.
The numbers are for illustration purposes only and completely random. L is being prepared for whether or not your have received payment. Sales with no received payment should be added to the debtors account in your balance sheet. Cost of sales Includes any direct costs involved in making and selling the product purchased, including the wages of those involved in making the product and purchases made from suppliers for goods or raw materials used in the accounting period. Overheads Includes general expenses and all other costs you have been invoiced for during the period, such as: rent, rates, professional fees, vehicle costs, national insurance and pensions, utlilities etc. Items invoiced for but not yet paid are added to your creditors account on your balance sheet. Depreciation It is a judgment call on how long a period fixed assets should be depreciated over but be consistent in your application of it.
It has been suggested that Net income be merged into this article. Net profit, also referred to as the bottom line, net income, or net earnings is a measure of the profitability of a venture after accounting for all costs and taxes. It is the actual profit, and includes the operating expenses that are excluded from gross profit. In simplistic terms, net profit is the money left over after paying all the expenses of an endeavor.