Profit and loss report

Requirement

All registered companies must produce a profit and loss report, or an income statement, and send it to the government.

In the UK and the Republic of Ireland, financial reporting is regulated by the Financial Reporting Council with the two recognized reporting frameworks:

• The International Financial Reporting Standards (IFRS)
• The UK and Irish Generally Accepted Accounting Principles (GAAP)

The report must be sent at the Companies House. There is no specific layout for the report in either country. These standards are used for reporting:

• Public companies must apply the Full IFRS standards in the preparation of their group accounts, but may choose between IFRS and UK or Irish GAAP for the preparation of their individual parent accounts. Other entities can choose between the two alternatives.
• Private companies report according to the FRS100 Framework. This framework is aligned to the IFRS standards for SMEs.

Once a year, accounts must be sent to the Companies Registration Office. This annual return can be submitted electronically.

M3 solution

With the M3 Financial Report Generator module (RGR), any type of official report can be formatted and produced from M3 General Ledger. The same reports can also be saved and used to provide the same information as an M3 online enquiry.

Configuration guidelines

Program ID	Program name	Description or comment
GLS690	GL Balance File Key. Open	Eight predefined balance keys exist, but you can create others as required for your business.
MNS204	Output Service Selection. Open	Create a record for the RGS655PF output file that is created by the report generator. Set the Layout field to A4.
RGS600	Report. Open
RGS610 RGS620 RGS630	Column. Open Lines. Open Cell. Open
RGS010	User. Open for Report Distribution
RGS220	User. Display for Report Distribution	Configure the online display of formatted reports.