Financial Reporting and Tax

Obtain account
balances for worksheet
from the General Ledger
Custom or
standard
financial
reporting?

Standar
d

Gener
al
Ledger

Custom

Worksheet

Government

Prepare Trial
Balance

Pos
t

Manageme
nt

Analyze account
balances, prepare
adjusting entries and
adjusted trial balance
Prepar
e
Journal
Entry

Customized
financial
reports

No

Continue
financial
reportin
g
process?

Yes

Creditors

Stakehold
ers

Adjusted Trial
Balance

Prepare
financial
statements

Prepare
closing and
post to
General

Financial
Statement
s

Financial
Statements

Identify
Profit
before tax
and
extract the
income tax

Profit before
Income Tax

Subtract
total
deductions

Taxable
Income

Identify Tax
rate

Total Tax due