How To Produce A Monthly Profit And Loss Statement?[MIGRATED]

posted Sep 17, 2008, 10:25 AM by Unknown user   [ updated Jun 28, 2011, 2:41 AM by Unknown user ]
Migrated to http://wavelet.asia/customer-portal/2011/06/28/how-to-produce-a-monthly-profit-and-loss-statement/

1.1: Profit and Loss Statement
  • Go to the Accounting Module.
  • From there, you should see the Error Checking, Month End Processing and the Profit and Loss Statement option on the side navigation bar.
  • Click on 'Error Checking' first to perform a check in the books to detect any unbalance journals transactions.
  • Then proceed to 'Month End Processing' to transfer any temporary general ledgers to the Profit and Loss account.
  • After doing the above, click on the 'Profit and Loss Statament' option  to produce the Profit and Loss for the month or any selected period that is required. The accounts do not need to be closed as the EMP is running on a perpetual accounting.
You can go here to learn more on how to generate financial statements.