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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Quick Financial Setup ...
Microsoft Dynamics GP (Archived)

Quick Financial Setup Window

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Posted on by Liz Price 75

I'm sure this is basic, but I'm setting up a Balance Sheet in Quick Financial set up and it wants a the P&L account that will provide the net income.  Is this supposed to be an actual account number or just another report?  The drill down just gave me "Income Statement" report that I had previously set up and the below sentence from the manual was not helpful.  Any insights would be greatly appreciated. 

"identify the Profit and Loss account that will provide the net income or net loss source amount for the statement"

 

 

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  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,625 Super User 2025 Season 2 on at

    In GP, prior year income/losss is stored in the Retained Earnings account(s). Current year income/loss isn't stored anywhere in GP.  It's the sum of all the P&L account balances.  Therefore, AFA wants a link to the AFA P&L Statement to pull that number from.

    If you're not happy with the basic AFA financials, you should have a look at FRx, which is a more powerful financial statement tool and is included with GP.

  • L Vail Profile Picture
    L Vail 65,271 on at

    Hi Liz,

    Your question "Is this supposed to be an actual account number or just another report?" is answered by saying it wants the name of the P&L report from which to pull the net income (as Frank said). If the Income Statement report that you set up (the one presented in the drill down) is for the same year as the Balance Sheet report you are creating, then that would be a good choice.

    Kind regards,

    Leslie

  • Liz Price Profile Picture
    Liz Price 75 on at

    Frank and Leslie - Thanks so much for your help.  That clarifies the issue and my report now works.  Frank - yes FRx is probably our next step, but just working on the basics to start.  Thanks again to both of you!

     

    Liz

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