Overview Of Profit And Loss Account in Marg Software

Process To View Profit And Loss Account in Marg Software

OVERVIEW OF PROFIT AND LOSS ACCOUNT IN MARG SOFTWARE 

• Profit & Loss Account (Income Statement/Revenue Statement) is one of the company's financial statements that displays the expenses incurred and incomes earned during a particular period.
• In other words, it displays the revenues recognized for a specific period and the cost and expenses charged against these revenues including write-offs (e.g., depreciation and reduction of the value (amortization) of various assets) and taxes.
• The purpose of a Profit & Loss Account is to measure whether the company had earned profits or incurred losses during a specific period of time.

PROCESS TO VIEW PROFIT AND LOSS ACCOUNT IN MARG SOFTWARE 

• Go to Final Reports > Profit & Loss.

• The user will select the option as per the requirement.

Case 1. Select 'No'.

• In this case, Profit & Loss Account will not update and will display on the basis of the previous date.

• The user can view Profit and Loss A/C will be displayed on the basis of the previous date (31-08-2023).

Case 2. Select 'Current Date'.

• In this case, Profit & Loss A/C will be updated on the basis of the Current Date.

A 'Stock Valuation' window will appear.

a. Update Opening: Select the option if the user needs to update the opening on the basis of current date otherwise keep it as 'No'.

b. Valuation On: Select the option at which rate Profit & Loss A/c needs to update.

Now press 'PageDown' key.

• The Profit and Loss A/c will get display as per the defined settings.

Case 3. Select 'All Days'.

• In this case, Profit & Loss A/c will display on the basis of All Days.

A 'Stock Valuation' window will appear.

a. Update Opening: Select the option if the user needs to update the opening on the basis of All Days otherwise keep it as 'No'.

b. Valuation On: Select the option at which rate Profit & Loss A/c needs to update.

Now press 'PageDown' key.

• The Profit and Loss A/c will get displayed as per the defined settings.

• The user will press 'Enter' key on the particular Head to view details.
• Suppose select 'Purchase A/C'.

• The user can view separate details of every Purchase Head.
• To view further details of any Local / Central Purchase, press 'Enter' key.
• Suppose select 'Purchase Central'.

• The user can view All Central Purchase Tax Rate wise will appear.
• To view further more details press 'Enter' key.
• Suppose select 'GST Central Purchase 12%'.

• A 'Ledger Display' window will appear.
• In 'From' and 'To' the user will mention the date range to view transaction.
• Click on 'Ledger'.

• The user can view Ledger Transaction of Central Purchase for Tax Rate of 12%.

• The user can view Profit & Loss A/C Month wise also.
• Press 'F2' key.

• A 'Month' window will appear.
• The user will press 'Enter' key on the particular month for which Profit & Loss A/c needs to view.
• Suppose select 'May'.

A 'Select' window will appear.

a. From Date: Mention the date from which Profit & Loss A/c needs to view.

b. Upto Date: Mention the date till which Profit & Loss A/c needs to view.

c. With Opening: If needs to view opening then select 'Yes' otherwise keep it as 'No'.

Press 'Enter' key.

• The user can view Profit & Loss A/c will get display for selected Month.

• The user can switch to Balance Sheet by pressing 'F3' key.

• The user can view Balance Sheet will get display.