I need to generate financial statements for a business. All I have to work with are the bank statements....?

Question

does anyone know step-by-step how I can do this?

Answer 1

You need to have financial records inorder to generate financial statements. Only a qualified accountant can do that for you.

Answer 2

You need the cheque stubs and the account pay in book to be able to work out the amount of money the business has made and the cost to the business of items and wages required to make the money. The bank statements only show the credits and debits to the business but you need the stubs and the pay in books for a detailed layout. A rough guide would be the total of credits that were paid in and the total of deductions that came out. This would not give you an accurate figure as you need the more exacting details.The bank may be able to give you copies of cheques but there is a considerable charge for doing this if it is possible. A financial statement for the business would be the income it generated less the cost of doing so. The cost needs to be shown in detail as a purchaser may be able to look at savings in this department.

Answer 3

Basic financial statements consist of;
1. Profit & Loss, and
2. Balance Sheet.

These financial statements CANNOT be generated from bank statements alone. You would need a full set of accounts to generate to the final stages of these financial statements.

It would be a wonder to see how anyone can generate financial statements merely from a bank statement alone !

Answer 4

If yo have Microsoft word or Excel you can search for templates (I know if Word for sure) for Balance sheet and Profit and Loss statements, but if you need "certified" financials you need to hire a CPA

Answer 5

How did you get this job then??