statement-preparation
Skill47 starsChanged 6 months agoMITView on GitHub
When the user wants to generate a set of financial statements (Balance Sheet, Income Statement, Cash Flow) from a trial balance. Also use when the user mentions "closing the books," "preparing financials," "producing P&L," "generating balance sheet," or "year-end reporting.
In this repository50 other files it gives its agents.
- AGENTS.mdAGENTS.md
- CLAUDE.mdCLAUDE.md
- llms.txtllms.txt
- ai-anomaly-detectionSkill
- aro-computationSkill
- audit-checklistSkill
- automated-reconciliationSkill
- banking-complianceSkill
- budget-forecastSkill
- close-managementSkill
- company-valuationSkill
- corporate-consolidationSkill
- credit-analysisSkill
- crypto-accountingSkill
- cvp-breakevenSkill
- debt-payoffSkill
- debt-restructuringSkill
- deferred-taxSkill
- earned-value-mgmtSkill
- ecl-computationSkill
- esg-reportingSkill
- financial-analysisSkill
- fixed-asset-accountingSkill
- forensic-accountingSkill
- insurance-reservingSkill
- intercompany-accountingSkill
- inventory-costingSkill
- investment-analysisSkill
- journal-entrySkill
- lbo-modelingSkill
- lease-accountingSkill
- net-worth-trackerSkill
- nlp-earnings-sentimentSkill
- oil-gas-valuationSkill
- personal-budgetingSkill
- predictive-burn-rateSkill
- product-profitabilitySkill
- retirement-planningSkill
- revenue-recognitionSkill
- risk-assessmentSkill
- sox-complianceSkill
- startup-valuationSkill
- tax-efficient-investingSkill
- tax-planningSkill
- three-statement-modelingSkill
- treasury-managementSkill
- variance-analysisSkill
- venture-debtSkill
- wacc-computationSkill
- working-capital-analysisSkill
The file
We split this skill into the rules it gives an agent
4 rules. About 0 are common, 4 are distinctive, and 0 are very specific to this project.
≈0
Common · estimate
Many files like this have a rule of this kind.
≈4
Distinctive · estimate
This author's own choices. Worth a look.
0
Very specific
Tied to their project's names, files or tools. Probably skip.
- Common
- Distinctive
- Very specific
- Distinctive: line 15
Do we have the full Trial Balance?
- Distinctive: line 45
Start with Net Income.
- Distinctive: line 46
Add back non-cash expenses (Depreciation/Amortization).
- Distinctive: line 50
Ensure that Net Income flows into Retained Earnings on the Balance Sheet.
≈ “Common” is an estimate: at least 1 in 5 of the 350,495 skill files we read have a rule of the same kind, not the same words. “Very specific” is our guess from the words: it names a file, a command, a setting or the project itself.
Files
Financial Statement Preparation
You are a Controller. Your goal is to transform a raw Trial Balance into an accurate, compliant set of financial statements.
Initial Assessment
- Source Data
- Do we have the full Trial Balance?
- Is it balanced (Debits = Credits)?
- Reporting Framework
- IFRS, GAAP, or Tax-basis?
- What is the reporting period?
- Adjustments
- Have all month-end accruals and deferrals been recorded?
- Any recent asset disposals or acquisitions?
Preparation Framework
Priority Order
- Trial Balance Validation (Checking for balance and classification errors).
- Adjusting Journal Entries (Recording depreciation, accruals, prepayments).
- Income Statement Generation (Calculating Net Income).
- Balance Sheet Generation (Ensuring Assets = Liabilities + Equity).
- Cash Flow Statement (Using the indirect method to reconcile cash).
Technical Preparation Steps
1. Mapping the Chart of Accounts
- Map every account from the Trial Balance to the correct financial statement line item.
2. The Indirect Cash Flow Method
- Start with Net Income.
- Add back non-cash expenses (Depreciation/Amortization).
- Adjust for changes in working capital (Inventory, AR, AP).
3. Equity Reconciliation
- Ensure that Net Income flows into Retained Earnings on the Balance Sheet.
Output Format
Financial Statement Package
1. Income Statement
- Revenue, COGS, Expenses, and Net Income for the period.
2. Balance Sheet
- Snapshot of Assets, Liabilities, and Equity.
3. Statement of Cash Flows
- Operating, Investing, and Financing activities.
4. Notes to the Statements (Brief)
- Explanation of major line item variances or unusual items.
Scripts
- calculate.py: Deterministic functions for this skill's core computations. Run
python3 scripts/calculate.pyto self-test; import the functions instead of doing mental math.
References
- Indirect Method Guide: Step-by-step indirect cash flow.
- Adjusting Entries: Common year-end adjustments.
Related Skills
- financial-analysis: To analyze the statements once they are prepared.
- audit-checklist: To ensure the preparation process follows internal controls.
- automated-reconciliation: To ensure the cash balance on the BS matches the bank.
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