Regarding Accounting > Reporting > Legal Reports > Accounting Reports > Profit And Loss, if i click on the Profit and Loss Report it will shows a wizard to give some credentials, after that it will printout as a pdf format. In that pdf i can view the income and expense details, i wish to see is a Profit or Loss with an accurate amount.
For eg: Profit : 10000 INR / Loss 5000 INR like that.
Can i do something like that. I have surfed about this thing and i got little idea but its not fulfilled, ie you can give the Financial Reports Hierarchy or Reserved things like that. So please give me suitable and valuable answer with an example. If it can using hierarchy please explain with some hierarchy example....
The accounting profit or loss for a period results from the balance between all credits (sales etc) and all debits (expenses etc) shown by the Profit & Loss report.
When you "close" the accounting period the net balance of credits and debits is transferred/recorded/posted to the Profit and Loss account - the information you are looking for -.
If you do not close the period, such accounting record is not posted; thus you need to calculate it.
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|Asked: 5/17/13, 4:14 AM|
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|Last updated: 3/16/15, 8:10 AM|