For the majority of small businesses, closing the accounting period is a relatively straightforward process. However, when preparing financial statements, it is important to be careful and accurate with the contents that are relevant to your own business operations. The actual financial statement document is always specific to the individual company, depending on the size and scope of its operations.
The structure of the financial statement document generated by NOCFO is based on the Government Decree on the information to be presented in the financial statements of small and micro-sized entities. We recommend familiarizing yourself with the content before preparing the financial statements, for example, on the Finlex website. You can also find example financial statements fairly easily by searching online, so it's worth taking a moment to seek out references if the process is new to you.
The tool itself creates an editable report template where you can add and remove necessary content as desired. Choose the headings you want to include in the financial statement template. Fill in the required information under each heading directly into the financial statement tool or separately into the document template.
- Before creating the financial statement document, ensure that all transactions are recorded, transactions have attachments, and accounting reports display as they should.
- Select the necessary headings from the financial statement tool to be printed on the document. The tool has pre-selected a few heading levels that should be included in the document.
- Add the necessary information under each activated heading, either directly in the tool or later in the document.
- Save and download the document.
When the financial statement is ready, remember to close the accounting period and lock it in NOCFO.