Hi, I just created a database. And used Standard UK Accounting Chart.
- Purchased 10 items for 50,000/item.
- Paid 500,000 invoice
- Sell 10 items for 75,000/item.
- Receive Payment of 750,000.
It should reflect in my P&L statement as 250,000 Profit but the actual result is a Negative value. Can you please explain me what is wrong? (I want to upload image of my charts of accounts but not enough karma).
This is the standard behavior. Took me a while to get my head around it. You CAN change this however if you find it doesn't suit your business.
Go to Accounting > Configuration > Financial Reports > Account Reports. Go into 'Profit and Loss' and change the 'Sign on Reports' to 'Reverse Balance Sign'. If you want Income and Expenses to be shown as positive and negative respectively then do the same for 'Income' and 'Expense' from the Account Report list.
Hope that helps :)
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|Asked: 5/20/13, 7:39 AM|
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|Last updated: 3/16/15, 8:10 AM|