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Hi, I just created a database. And used Standard UK Accounting Chart.
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).
Regards, Htoo
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 :)
This solution you gave works, but is it a normal way in openerp to do your solution you gave before starting to use openerp for accounting purpose? Thanks
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A negative amount is meant to be a credit; a credit is a "ressource" and a profit.
So, it is completely normal and I didn't do anything wrong?
Getting negative value for profit is something I was not learned in accounting study. It is freaking me out as I am planning to use OpenERP in my small company.