For users who try to determine whether their company is turning a profit, or their company is turning a loss, they can easily run a profit and loss report in Sage 50.
This can be done for the current month that the user is in, and it can also be done for a range of months, provided that the range limits lie in the current fiscal year and not out of it. Balances that might have been entered prior to the beginning of the fiscal year may appear as an adjustment that was made in the previous year on the balance sheet.
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ToggleWhat the profit and loss report focuses on the show are the nominal ledger account balances. These nominal ledger account balances are grouped by sales, purchases, direct expenses, overheads, and taxation. Any user who runs the profit and loss report can also see the amount of gross and net profit that they have made in the past fiscal year.
The structure of the profit and loss is based on the Chart of Accounts that the user needs to choose when a report is run by them. Another great thing is that the user can also modify the structure of the Chart of Accounts or create new ones that better fit their business model and their business requirements.
There are various types of profit and loss report in Sage 50 that are available to be run, such as.
Profit and Loss:- This is the report that runs for complete months and uses the nominal record monthly balances.
Comparative Profit and Loss:- This is the report that runs for complete months and shows actuals against budget and values from previous years. Users are free to choose if they want to see the budget and prior year values. Moreover, users are also free to decide if they wish to show variance values and percentages so that the report shows the desired style of data.
Transactional Profit and Loss:- Users are free to run this report for a date or department range so that the profitability for any accounting period can be monitored by the user, by the day, or by the week, if required. This gives the user much better access and control over the information that the user generates. Users can even go as far as generating a transaction number range.
Income and Expenditure:- This report is only relevant concerning the Sage Instant Accounts Plus and Sage 50 Accounts versions only- This report shows the information that users are also able to see in the Profit and Loss, besides the fact that the totals are labeled as Gross and Net Income / (Expenditure), rather than Gross and Net Profit / (Loss).
Profit and Loss (With Prior Values):- This report is only relevant concerning the Sage 50 Accounts Professional- This is a type of profit and loss report that runs for complete months, and also provides the user with the actual, YTD (year-to-date), and prior year values for the period that has been set.
The following are the steps for users who wish to run profit and loss report in Sage 50 as a standard report.
The following are the steps for users who wish to run profit and loss report in Sage 50 a comparative report.
To locate the profit and loss report in Sage 50, follow the steps given below.
● First, Profit and loss > Company > Navigation window > Financial Reports OK.
● Choose the Chart of Accounts for your report from the drop-down menu.
● Check this box if you want to run your report for a certain transaction number range.
Yes, it is certainly possible to run a prior year P&L in Sage.
Here’s how to do it:
● Select File > Open > Company Archive > prior year > open > log in.
● The required reports can then be run.
A profit and loss statement, also known as an income statement, is a financial report that summarises the firm’s costs, expenses, and revenues during a certain period. The information in this summary aids in deciding if the corporation or organization is profitable, losing money, or breaking even.
