The sum of each Nominal Ledger account can be used to develop your financial reports on a monthly, quarterly or annual basis. You can also use these account summaries to develop internal reports that help you to make key business decisions. We talk more about developing Profit and Loss statements and Balance Sheets in Book I, Chapter 3, when we introduce the Chart of Accounts.
- Chapter 1: So You Want to Do the Books
- from Bookkeeping and Accounting All-in-One For Dummies, UK Edition
- Publisher: For Dummies
- Released: May 2015
Important to remember.
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