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Report - GL Loss and Profit Report

Posted on by 3,205

hi there,

just wanna know, is dynamic SL provide report for GL - Loss and Profit? user need to know instantly balance for nett profit / loss.

thank you.

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Report - GL Loss and Profit Report

    You should not have to purchase the module.  Depending on the version of SL that you are using, you were issued license for FRx or Mangement Reporter.  If you log into Customer Source and pull up your registration keys you should see some for one of those modules.

    The reason that SL does not have pre-built versions of the trial balance or statement of income is that everyone's chart of accounts can be different and may not even flow in the order that you would want the statement of income to come out.

  • rodi Profile Picture
    rodi 3,205 on at
    RE: Report - GL Loss and Profit Report

    hi,

    thanks for answer.

    for Perumalsamy, it's not suitable for us. but thanks :)

    for Rick,

    that's mean SL doesn't provide those reports as a standard reports, am I correct? (we need to purchase report module).

    thanks in advance

  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Report - GL Loss and Profit Report

    Dynamics SL (Solomon) provides a financial report generation tool for this purpose and does not provide a hard-coded income statement.  Depending on your version of Dynamics SL, the financial report generation tool is either FRx (SL 7.0 and earlier) or Management Reporter (SL 2011).  It is relatively easy to create a basic income statement with these tools provided that you want the report to flow in the same order as your chart of accounts but you do need some training on how to efficiently utilize these tools.

    The GL trial balance does show net income at the very end of the report for the ledger id you have assigned to your actual dollar postings.  This is not an income statement in accounting terms but this figure is your net profit or loss for the reporting period.

    Dynamics SL also requires that you set up a net income account in your chart of accounts in the liability (actually the equity) section of your chart of accounts.  Any revenue postings increase the balance in this account and any expense postings decrease its balance.  So, examining that GL account will also reflect your net profit or loss.

  • Suggested answer
    Ram Peru Profile Picture
    Ram Peru 2,830 on at
    RE: Report - GL Loss and Profit Report

    You can use the Trial Balance Report (Financial/General Ledger/Reports/Trail Balance) and Detail General ledger ((Financial/General Ledger/Reports/Detail General Ledger) to identify the Asset & Liability Balances, Income & Expense Balances for the particular company.

    Formula for Profit/Loss calculation:

    Net Amount =  Total Income - Total Expense  

    If Net Amount is positive amount, it's profit for particular financial year

    If Net Amount is negative amount, it's loss for particular financial year

    Hope this helps.

    Thanks,

    Perumalsamy R

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