{"type":"video","version":"1.0","html":"<iframe src=\"https://www.loom.com/embed/8e9c954d42de434c9ea195abd6e3c70f\" frameborder=\"0\" width=\"1280\" height=\"960\" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>","height":960,"width":1280,"provider_name":"Loom","provider_url":"https://www.loom.com","thumbnail_height":960,"thumbnail_width":1280,"thumbnail_url":"https://cdn.loom.com/sessions/thumbnails/8e9c954d42de434c9ea195abd6e3c70f-f2e66fc1368bdeee.gif","duration":297.041,"title":"Bookkeeping - About Financial Statements","description":"This Loom explains the financial statements required for monthly and year-end reporting. It focuses on two main reports: the profit and loss, or statement of activity, which summarizes income, expenses, and net income over a period such as a month or year, and the balance sheet, or statement of financial position, which shows assets, liabilities, and equity at a single point in time. The speaker notes these reports can be generated automatically through bookkeeping software or manually in tools like Word or Excel, and emphasizes using a chart of accounts to categorize income and expenses. A chart of accounts aligned with the Loofah form categories can make year-end reporting easier."}