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 Financial Statements of the company 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 Profit & Loss Account is to measure that whether the company had earned profits or incurred losses during the specific period of time.

PROCESS TO VIEW PROFIT AND LOSS ACCOUNT IN MARG SOFTWARE 

• Go to Final Reports > Profit & Loss.

• A 'Stock Valuation' window will appear where 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 previous date.

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

Case 2. Select 'Current Date'.

• In this case, Profit & Loss A/C will update on the basis of 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 display 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.