FrontAccounting forum — Profit and Loss Account

Re: Profit and Loss Account

2017-12-24T04:55:59Z

Every Chart of Accounts used in FA should have a P&L Account or you create it if it is absent. This is necessary to take in the net difference cr/dr of all the expense and income accounts for the year on fiscal closure and transfer it to the balance sheet at that time.

Re: Profit and Loss Account

2017-12-23T20:38:39Z

itronics wrote:

The Profit/Loss account have to be defined as it is used on year close.
Janusz

Hello, Janusz.

Could you please clarify this statement?

Thank you.

Re: Profit and Loss Account

2012-09-09T13:35:53Z

When we setup a new company and these settings have not yet been decided, we need to have a proper place holder account instead of the very first account that shows up in the drop down list.

Anyway, we can create a Suspense Account in the COA and make it as the default when not assigned as yet.

Re: Profit and Loss Account

2012-09-09T08:09:20Z

I'm not sure which setting you mean. AFAIK all settings have to be defined here, otherwise posting errors could appear in GL.

Some of the settings like Prompt Payment Discount Account are potentially optional, but currently is no code dealing with 'Not Assigned' option.
Janusz

Re: Profit and Loss Account

2012-09-08T21:51:20Z

Thanks Janusz for the P+L clarification. What about the default "Not Assigned" choice for Setup -> System and General GL Setup form ?

Re: Profit and Loss Account

2012-09-08T07:30:19Z

The Profit/Loss account have to be defined as it is used on year close.
Janusz

Re: Profit and Loss Account

2012-09-07T20:25:38Z

Some countries has an alternative way of summation. F.i. Tax authorities.

Re: Profit and Loss Account

2012-09-07T19:41:23Z

What is the purpose of the chart table's account_code2 field?
Must it be unique?

Profit and Loss Account

2012-09-07T19:32:11Z

Must the COA have a separate Profit and Loss Account in the chart master or will it be dynamically generated using the chart class of Income, Expense?

Please place a "Not Assigned" dropdown choice in the Setup -> System and General GL Setup form. The label "Profit/Loss Year:' in the said form is confusing