Adjustments also must be made for interest-bearing accounts. If interest has been paid on monies held in a business savings account, it must be added to the financial ledger. Close the books with less runaround. Share this sheet with your accounting team to easily manage your financial month end process and keep everyone on schedule. Use the sheet for monthly, quarterly, and annual tasks. Deposits consist of any revenue generated by the small business. The firm’s debits include any expenditures, such as rent, payroll and advertising costs, as well as incidental purchases, such as office supplies. The annual financial statement form is prepared once a year and cover a 12-month period of financial performance. Generally, these statements are issued at the end of a company’s fiscal year instead of a calendar year. I believe if you utilize all of the information and reports provide by the material and methodology the end result will be fewer questions and smoother operations.