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General Accounting Discussions: Generating P&L's after closing Nominal Accounts

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    • CommentAuthorSaj_37uk
    • CommentTimeMay 16th 2010
     
    Hi there,

    I have a question about how to generate the income statement after the nominal accounts have been closed to the income summary account. As I understand it, the closing process will 'zero out' all the balances in the revenues and expenses accounts. Hence, after closing if I produced a income statement for a closed period, I will see zero balances.

    I have not seen this explained in any accounting text book and would certainly appreciate your guidance.

    Thank you,
    Saj

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