Defining the Balance Sheet and Profit and Loss accounts
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Select .
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Click the Configuration tab.
- Specify this information:
- Profit and Loss/Base Account
- Select the balance sheet equity account to receive the profit and loss
value.
- Retained Earnings - Profit and Loss
- Select the balance sheet account that presents retained
earnings.
- This is to enable the correct transfer of net income from the Profit and Loss
statement to the Retained Earnings account of the designated balance
sheet that presents the result of the period. The opening balance of
the Retained Earnings account is calculated for the remaining years
of the configuration set after the transfer of the profit and loss
to the balance sheet.
- Result of Profit and Loss
- Select the top account of the profit and loss that is
attributable to the parent's equity holder.