• Registered: 03/27/2011
  • Posts: 2

Topic: income statement / year end

Hi - having some problems sorting this out... I've set up a current year p/l account as a sub of the main expense class.   When closing the fiscal year, it does gather the correct figure into that account and then into retained earnings.  However, the income statement is not correct as it is including this reversal account.  What am I doing wrong and what should fix it up?

TIA

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

Re: income statement / year end

You are not doing anything wrong. Your net income is now in the your newly create account. If you followed the instructions to place this account as your last expense account, you should have your income stamement ok.

/Joe

  • Registered: 03/27/2011
  • Posts: 2

Re: income statement / year end

Well, its the last one added and it has the highest account number.  So Class 6 is Expense, I have multiple groups.   #60 Expenses is of type Expense and then 60XX are subgroups (ie, g&a) of #60.  The p/l current year a/c is 69999999 and is part of group 60, Expenses, not one of the subgroups.  Note that it is *not* the last one show in the drop down lists, the subgrouped accounts follow it. 

When I run the income statement the result is is a line item under 'Expense' and then 'Expenses' for 'p/l current year'.  Then follow the other expense subgroupings with their details.   The bottom line total expense is 0.   There is no line item at the end reporting net income (note this is a start up and has  no revenues at this point). 

This is clearly (to me) not the way it should look. THere should be no line item for "p/l current year" within the expense category, it should be the last line of the report, in this case a loss.

Hope that info helps understand better what is going on.

  • joe
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  • Posts: 5,107

Re: income statement / year end

Well, if you have sophisticated subgrouping under Expense, then create another group with a higher ID than Expense and call this group Net Result or something. Change the group for account year p/l result to this new one. Then everything will be shown correctly.

/Joe