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Why do the dates need to match in both the balance sheet and the P&L statement?
Why do the dates need to match in both the balance sheet and the P&L statement?
Updated over 8 months ago

The dates on both the balance sheet and profit & loss statement have to be through the same period. For example, if the YTD balance sheet is "as of August 1st" but the profit & loss is from January-March, a lender won't accept the document. The P&L statement would need to be from January to August 1st to match the period of the balance sheet and vice versa.

The balance sheet date will always say "as of [exact date]" i.e., "as of August 1st" and the P&L statement will always be through a period from "Jan-Aug 1st" or "Jan-Aug 30th."

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