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Eric, Financial Manager
Category: Finance
Satisfied Customers: 559
Experience:  Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
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my mortgage company wants a profit and loss statement for just

Customer Question

my mortgage company wants a profit and loss statement for just my business , and myaccountant says it can't be split from my personal income. is there a special form?
Submitted: 7 years ago.
Category: Finance
Expert:  Eric replied 7 years ago.

I appreciate the opportunity to help!

If your business is a sole proprietorship, then in is considered personal income. You can still prepare a profit and loss stmt for the business. If you use a separate business bank account and keep everything separate from person accounts, then you can figure a P & L. The accountant may just not want to do it.

If your accounts are inter twined, then it could be problematic. You can also explain the the mortgage company the type of business it is and that its all combined with personal income. If you want to prepare one you can do an internet search for a P & L template to use. Search "Free Profit and loss template or form"

You should be able to find something basic you can prepare for the mortgage company.