In that use sumif to complete the database sheet I dont get that net income part to verify if you imputed the right number and also at the end you said each of the years should have a sum of zero I dont get it
So, the Net Income in our P&L is a result that comes after all items have been taken into consideration, right? (We obtain it after we have summed everything)
Ok. And given that our database contains a line that is called ‘Net Income’, we can compare its value with the result that we’ve obtained in our P&L (where we do our own calculation of Net Income).
If the two numbers are the same, then this means that we have worked correctly. If not, some of the formulas are not pulling through correctly.
Does that make sense?