Accounting Real Life Tasks - Turn a Trial Balance into an Income Statement in 4 steps

Join 10,000+ professionals who enrolled in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy [coupon 30OFFCOURSE for 30% discount] Or Get my Controller bundle, which includes the Controller Academy https://controller-academy.com/bundles/total-controller-access [coupon 30OFFCOURSE for 30% discount] Download file shown in video [free]: https://thefincontroller.com/p/trialbalancetoincomestatement Chapters: 00:00 Intro 03:45 Step 1 - Identify the Income Statement Accounts 04:55 Step 2 - Label the Accounts 06:03 Step 3 - Use Sumif formula 07:28 Step 4 - Format & foot the Income Statement In this video I take a Trial Balance and use it to create an Income Statement, along with an explanation of how the accounting data flows from transactions to financial statements. Video mentioned in the video about setup of the Chart of Accounts: https://youtu.be/6khwyVf564c ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller 🙋🏼‍♂️https://www.facebook.com/groups/780732429036886/?source_id=101273467885666 DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice