video1.0<iframe src="https://www.loom.com/embed/8e9c954d42de434c9ea195abd6e3c70f" frameborder="0" width="1280" height="960" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>9601280Loomhttps://www.loom.com9601280https://cdn.loom.com/sessions/thumbnails/8e9c954d42de434c9ea195abd6e3c70f-f2e66fc1368bdeee.gif297.041This 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.