Profit and Loss Accounts

pranavdeolekar

Hi All,

Can we have Profit and Loss account apart from Account schedule in India Specific version ?

If Accounts Schedule, than how we can configure P&L or Income statement ?

Can u please guide me wit the same ?

Regards,
Pranav

anish

hi Paranv

I believe account schedule is a template and throus this we can always configure P&L.
I mean Just map the Heads of P&L (Expense nature and Income Nature),Leave Assets and liabilites nature accounts.
In template name you can name this as P&L.

regards
anish kapoor

pranavdeolekar

Hi Anish,

Thanks a lot for quick reply.

But sorry i m not getting you ? how can i map this ?

Can you please kind enough to explain this in bit detail ?

Regards,
Pranav

Deep

Take a look at the chart of accounts of default cronus.
Other than that (if not account schedule), you have to make your own reports.

pranavdeolekar

Hi,

Thanks for the reply.

Can u pls explain how to use accounts schedule for P&L ? or if we are not using this functionality than do we need to customiese the report for P&L? if yes, than can u please show me the way for the same ?

Regards,
Pranav

ssingla

I will try to make you understand the concept but will not be able to completly guide you because the P&L will be client based.

1. Refer to the clients P&L and map it to the chart of accounts.
2. If the client is a company registered under the Companies Act, then also refer to Schedule VI requirement of financial reporting.
3. Prepare the accounts schedule rows according to the mapping using posting accounts as well and the end total accounts. You might also need some formulas.
4. Refer to Alex Chow's method of preparing consumption accounts reporting : http://mibuso.com/howtoinfo.asp?FileID=21. This is one of the most useful post for financial reporting on the forum.
5. Define net-change in the columns and use Comparision Date formula field for displaying previous period figures.
6. Most Important: Take help of a functional consultant finance for preparing P&L.

pranavdeolekar

Dear All,

Thanks a lot for your quick replies. =D> I will try to implement whatever suggested above and get back to you on the same. :thumbsup:

Thanks once again.

Regards,
Pranav