When preparing returns from poor or damaged corporate records, several forms of data reconciliation are required. As previously described, the spreadsheet-based method is a useful tool for preparing certain data reconciliations. In its first form of reconciliation, the spreadsheet-based method focuses on the preparation of financial statements, specifically the income statement and balance sheet. Financial […]
The purpose of this document is to illustrate a spreadsheet-based method to assist in compiling financial statements from corporate bank account data. Use of this method may be appropriate in cases where a corporation has fallen behind on its accounting responsibilities; is undergoing a corporate tax or trust exam audit with lost, incomplete or erroneous records; or when an inactive corporation has few transactions in a reporting period and requires financial statements in short order.