Common use of Income Statement Clause in Contracts

Income Statement. The Income Statement Summary contains both actual and budgeted income and actual and budgeted expense information at the major account levels for both the current month and year-to-date. Bank Statement & Account Reconciliation: The current month’s operating bank statement and account reconciliation for the operating accounts must be included in the monthly reporting package. Bank statements will end on the 20th of each month. Each bank account must have its own reconciliation. Fixed Asset Additions: Detail of fixed asset additions from the prior month will be reviewed for tax purposes. Profit & Loss Statements: PNL statement actual vs. budget detail should be compared on a monthly and year-to-date basis.