1 Topic by kerrsmith (edited by kerrsmith 02/05/2010 03:19:15 pm)

  • From: UK
  • Registered: 10/11/2009
  • Posts: 50

Topic: Calculated Return question

When I do a profit and loss report I get a positive calculated return but when I do a balance sheet report I get a negative calculated return.

Is this also the reason for the total assets on the balance sheet showing as zero?

Balance Sheet:

CURRENT ASSETS     518.86
CURRENT LIABILITIES     90.14
Calculated Return     -609.00
Total Assets     0.00

Profit and Loss report:

Total Income 950 950 100.0
Total Costs 341 341 100.0
Calculated Return 609 609 100.0

  • joe
  • Administrator
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: Calculated Return question

Hello again.
Presenting the 'Calculated Return' on the balance sheet is an amount that the company owes you. Thats the reason for the minus sign here. The total balance of all accounts (both balance sheet and P/L) should be 0, right? This is the reason for that.

/Joe

  • From: UK
  • Registered: 10/11/2009
  • Posts: 50

Re: Calculated Return question

Ok, that explains it.

I don't know much about accounting so I am just trying to workout where all the figures come from and what they mean.

I have set up a test site now and am using it as a trial run, I am planning on using it properly from the start of the next tax year.  Basically I have been working out how much profit I have made, how much I have spent etc and then seeing how this corresponds to the various reports.  This way I have been learning about all the accountancy things as I go and what reports are relevant to me.

Thanks for the help.