Transferring profit and loss data

The Profit and Loss data transfer copies the net income from the Profit & Loss Statement to the retained earnings account of the designated balance sheet, that holds the result of the period. The opening balance of the retained earnings account is calculated for all remaining years of the configuration set.

The Transfer Profit and Loss process shows the status of the designated Net Income account (Profit and Loss) and the retained earnings account (Profit and Loss of Period) of the target balance sheet.

Note: Comments and commentary items are specific to a configuration set and version to which they are added. If you add comments or commentary items, they are not copied during the data transfer process.

Run the transfer for each year and entity.

If the source is different than the target version you can re-run the transfer process. Each time you run the transfer, the target is overwritten with the source values.

You transfer the Profit and Loss balance to the Balance Sheet at one of these points, depending on your budgeting workflow:

When the entity's profit and loss plan numbers are approved for all organization members
At the start of the Balance Sheet planning process
At any time when substantial updates that should be shown as part of the Balance Sheet have been entered to the Profit and Loss Statement