FrontAccounting forum — Profit and Loss Statement

Re: Profit and Loss Statement

2018-01-25T14:58:15Z

FA does that automatically when the year gets closed.

Re: Profit and Loss Statement

2018-01-25T11:25:05Z

Thanks Apmuthu.. Do I need to that manually or FA is supposedly is doing automatically that when I close the year?

Re: Profit and Loss Statement

2018-01-24T17:22:21Z

All debits are stored as negative numbers in the GL Trial Balance. Your cash balance should be negative (debit) too. When you close the year all P&L entries are summed up and the net Profit or Loss is moved to the balance sheet. If you are referring to the account closure that this happens in, then the contra entry will have to be added to zero out the P&L account and then migrate it (P&L) to the Balance Sheet as a debit.

Profit and Loss Statement

2018-01-24T13:10:56Z

I am Running FA 2.4.3 Build 9.11.2017.

I closed year 2017 (1.1.2017 to 31.12.2017) and I made a loss. So my account 9990 shows -160,000 ( a loss). When I print the Profit and loss report account 9990 is added to the General and Administrative Expenses as a negative amount and the Total is showing negative General and Admin Expenses, i.e is deducted form the expenses account . My question is if I made a loss will that not just add to my expenses for that year?

Appreciate your guidance.