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 this country, no specific layout is required by law for this report. The report must be presented in accordance with the Indian Accounting Standards:
- Public companies can report according to IFRS standards, but most follow the new Tier 1 Indian Accounting Standards (Ind AS).
- Private companies and SMEs report according to existing Tier 2 Ind AS. These standards are developed by the Institute of Chartered Accountants of India (ICAI) and approved by the government.
The various alternatives of the financial statements in these three standards can be produced with the Report Generator in M3 Financials.
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. |