Get the free OPERATING STATEMENT BY FUNCTION - collie wa gov

COUNCIL MEETING APPENDICES Appendix 1 Appendix 1 SHIRE OF COLLIE OPERATING STATEMENT BY FUNCTION FOR THE PERIOD ENDING 29th OCTOBER 2012 12/13 Budget YTD Actual Variance % note OPERATING REVENUES

How to fill out operating statement by function

How to fill out operating statement by function:

1. Start by gathering all relevant financial data: Before filling out the operating statement by function, make sure you have all the necessary financial information available. This includes revenue, expenses, and any other financial data related to different functions within your organization.
2. Identify the functions: Determine the different functions or departments within your organization that you want to track separately in the operating statement. This could include sales, marketing, operations, human resources, etc. Each function should have its own section in the operating statement.
3. Allocate revenues and expenses: For each function, allocate the revenues and expenses specific to that function. This means assigning the relevant income and costs directly to the corresponding department or function. This allows for a more accurate tracking of performance and analysis of each function's profitability.
4. Calculate net income or loss: Once you have allocated all the revenues and expenses to their respective functions, calculate the net income or loss for each function. This will give you a clear picture of the financial performance of each department or function within your organization.

Who needs operating statement by function:

1. Small business owners: Small business owners can benefit from an operating statement by function as it helps them track the financial performance of different departments or functions within their business. This allows for better decision-making and resource allocation.
2. Financial analysts: Financial analysts may require an operating statement by function to analyze and evaluate the performance of various functions within an organization. This analysis can help identify areas of strength or weakness and guide future financial planning.
3. Managers and department heads: Managers and department heads can use an operating statement by function to monitor and assess the financial performance of their respective departments. This enables them to make informed decisions, set appropriate targets, and identify areas for improvement.

In conclusion, the process of filling out an operating statement by function involves gathering financial data, identifying functions, allocating revenues and expenses, and calculating net income or loss. This financial statement is particularly beneficial for small business owners, financial analysts, managers, and department heads.

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What is operating statement by function?

The operating statement by function shows the income and expenses associated with specific functions of an organization.

Who is required to file operating statement by function?

Non-profit organizations are typically required to file an operating statement by function.

How to fill out operating statement by function?

To fill out the operating statement by function, categorize income and expenses according to their functions and provide detailed information.

What is the purpose of operating statement by function?

The purpose of the operating statement by function is to provide a detailed breakdown of income and expenses based on specific functions of an organization.

What information must be reported on operating statement by function?

Income and expenses associated with specific functions, such as programming, fundraising, and administration, must be reported on the operating statement by function.

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