Richard Logie owns and operate a credit clearing system called The Business Exchange (TBEx) in Aberdeen, established in 1995.
Richard became aware of complimentary currency systems and engaged and collaborated with various systems in the UK, Europe and the US.
One of the Principles of GAAP is the Matching Principle. Matching requires that when you post sales into the system for an accounting period (month), you must also post the costs of the products or services you sold during that period in the same accounting period (month). The Matching Principle essential to Financial Statements applying for a loan using paystubs, particularly the Income Statement, because it makes them meaningful. Check out how a TikTok business account works.
The Income Statement, also called the P&L or Profit and Loss Statement, is a “Current Year” statement, it does not cross years. The Income Statement provides cumulative “To Date” financial data for the current business (Fiscal) year how to show proof of income. So, the March Income Statement shows the totals for January, February and March together in one column and the totals for the previous December would not be part of the totals for that column.
Unlike the Trial Balance, the Income Statement and Balance Sheet each only show a portion of the General Ledger Accounts. The GL Accounts are split between the Income Statement and the Balance Sheet by their Accounting Types. The Income Statement Accounting Types are Revenue, Cost of Goods Sold and Expenses. The Accounts that are not on the Income Statement are on the Balance Sheet.
Richard explored the past, present and future of complimentary currencies, particularly how they’re are evolving right before our eyes, how technology is enabling business and communities to grasping their benefits.