Profit & Loss Account

Implementation Updated by Implementation

What is Profit & Loss Account?

An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit.

Overview

In this report user can specify the expenses. Also user can mention all type of purchases and sales. Here, user can evaluate profit.

Use Case

Suppose there is a firm “XYZ Ltd”. They need to prepare income & expenditure account every month to track profit or loss.

With the option, user will get a auto prepared profit and loss account with all purchase, sales, expense and income.

Steps to be performed for Profit and Loss Account.

1.Go to Financial Report

1.1.Click on Profit & Loss Account

2.Please see below screen shot for Profit & Loss account

2.1.Click on calendar and pop up will open. User can search report as required.

3.User can transfer profit or loss into desired account. Click on icon marked in below image.

3.1.Select Ledger account and enter profit or loss user want to transfer and click on save. This exercise is generally performed at the end of year.

3.2.User can print & download the report.

4.To see old format user need to select “Trading & PL (Old Format)” in dropdown.

4.1.To see detailed view click on marked icon in below image.

4.2.Here, user can see detailed report. User can print & download this report.

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