Have you been trying to find out the correct way to create a profit and loss statement in your Sage 50 accounting software application, but all your attempts have gone in vain? You don’t have to feel upset about it as we can help you in the creation of Sage 50 profit and loss statement.
However, if you are seeking immediate assistance in regards to some issue related to Sage 50 profit and loss statement then just feel free to dial our Accountinghub Sage Accounting technical support helpdesk number.
In this article, we shall be highlighting the correct way to create Sage 50 profit and loss statement.
How to Create the Profit and Loss Statement in Sage 50
The Income Statement in Sage 50 accounting software application fundamentally demonstrates the similar type of data that one could find in the Profit and Loss Statement.
It is just that these terminologies are basically used vice versa. If you are searching out ways to personalize your Income Statement so as to meet your specific business requirements, then you need to follow the given methods.
How can you personalize your financial statement to display only specific general ledger accounts?
Here are some of the quick steps that you can follow to personalize your financial statement as per your varying business requirements:
- Firstly, you need to browse the Reports and Forms option, and after that go to the Financial Statements and click twice on the customary financial statement you are willing to personalize.
- When you see the statement on your computer screen, just tap on the Design tabwhich you can easily find on the top.
- After this, click twice on the first Line Description tab that you can see on your left hand side. When you will do so, you will see that all the accounts that fall under the category of Income get highlighted.
- Stipulate the first account that you want to be showcased in the From and To pull down lists. Once you are done with this, just click on the OK button.
- After this, you will come back to the Design dialogue box once again. Now tap on the Line tab which you can locate in the far left side edge. By doing so, you will be enabled to mention the succeeding account you want to be shownon the list.
- Mention the first account that you want to be shown inthe From and To pull down lists. Be careful while stipulating the first account in this step.
- Next, look up at the right hand side below the Formatting option. Here you need to do the right click to get the pull down list and from there click on the Print option and next to this you need to choose the Detail. Press on the OK button to proceed further.
- Last but not the least, you have to perform the same process for each account that you want to be displayed in your list. However, you need to ensure that there are no Line Description boxes that display all accounts of a prearranged category.
How can you correctly design the layout of the profit and loss statement in the Sage 50 accounting software application?
Here are the quick to do steps to design the layout of the profit and loss:
For the generation of the new layout, you need to follow the given steps:
- Firstly, you need to open the Settings in your company’s account > after that browse for Cash Book or Nominal Ledger > then click on theFinancial Statement Layouts.
- Click on the New option that you can find in the drop down list.
- Ensue you provide the correct name for the profit and loss statement.
- Lastly, you need to tap on the Edit tab.
- Now you need to add your sales (Credit column), purchases ( Debit column) and direct expenditures (Debit column) so as to calculate your gross profit.
- When you are able to calculate the gross profit, you need to add your total cost you incurred to run your business, such as office rent, water, gas and electricity bills, salary of the employees and much more ( Debit column) to calculate your net profit.
Need Sage help?
If you feel frenzied while customizing any reports, forms, templates or formula related to Sage 50 profit and loss statement, then don’t be hesitant in consulting Accountinghub Sage 50 technical support team at +1844-313-4856