What months would a year to date profit/loss cover?

Posted: 06-06-2010 | Author: admin | Category: Renting & Real Estate


If a profit and loss is due November 25, and in it a year to date profit and loss statement included, would that mean January to October? Would it be one statement to cover all those months or a separate one for each of the months? This is for a self employed person for their mortgage lender.

Category: Renting & Real Estate by admin

One Response to “What months would a year to date profit/loss cover?”

  1. dusty_titus, on June 7th, 2010 at 5:40 am Said:

    If a profit and loss statement is required and its for the current year, which has another month to run – normal statement is for a continuous 12 months – usually Jan 1st, 2009 thru Dec. 31st 2009. Just extrapolate (that is figure out average months P&L and use it to demonstrate your income x 12, because that’s what the bank needs in order to qualify you for a loan. Like Jan – gross 3,050 – Feb 4,075
    March 4050, April 3950, May 5500, etc. What you do then is total all your months that you can account for – and divide by that number – lets say 11 months – and you get an average and you add that to your last months income (Dec. 31 – ) If this is too complicated for you – then get an accountant to help you figure out your P&L.

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