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Reporthi 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.
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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.
*This post is locked for comments
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.
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.
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,
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