Jan is working for a law firm as a new accountant (and the only accountant, fresh graduate). Jan's boss asked her to make a profit and loss reports for the year ended for the regular and trust account from IBC bank. The law firm also have a trust account with Wells Fargo. The boss then asked Jan -

"if we have cash from wells fargo deposited to IBC bank, we do not necessarily have to make a profit and loss report for wells fargo since it is Cash basis, correct?"

What should Jan do?