Profit and Loss Account or Income Statement is a periodic statement, which shows the net result of business operations for a specified period. All the expenses incurred and incomes earned during the reporting period are recorded in the Profit and Loss account or Income and Expenditure account.
The profit and loss account in Tally.ERP 9 displays the information based on the default primary groups. It is updated instantly with every transaction/ voucher that is entered and saved. No special processing is required to produce a profit and loss account in Tally.ERP 9.
To view the Profit & Loss Account of ABC Company,
Go to Gateway of Tally > Profit & Loss A/c
Click F1: Detailed, to view the Profit & Loss Account in detailed format.
The Profit & Loss Account is displayed as shown:
The Profit & Loss account is generated and updated immediately from the date of opening of books till the date of last entry.
Press F2: Period to change the period as required.
Note: The Profit & Loss Account is displayed according to the configuration set up in the F12: Configure.
The Profit & Loss A/c, by default is in horizontal form. However, you may configure the same to view in Vertical form by pressing it in F12: Configure. You can view additional information or toggle to another report using the options available in the Button Bar.
Some of the Button Bar options are
Select F1: Detailed/Condensed to display more information or condense.
Change the date of the Profit & Loss Account using F2: Period.
Add new columns to
Display the Profit & Loss Account for a different period to compare with the current one
Display the Profit & Loss Account in a different currency
Display a column with Budget figures and analyse variances
See the effect of different Stock Valuations on the Profit/Loss account.
Select and compare Profit & Loss of different companies.
A new button S: Schedule VI has been provided in Profit & Loss A/c screen to view Schedule VI Profit & Loss A/c.
Clink on S: Schedule VI button of press Alt+S to view Schedule VI Profit & Loss A/c
The Schedule VI Profit & Loss A/c is displayed as shown
Know more about Schedule-VI Profit & Loss A/c
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