https://help.tallysolutions.com/docs/te9rel64/Auditor_Edition/India/Statutory_Audit/Schedule_VI_Profit_and_Loss_A_c.htm

Schedule VI Profit and Loss A/c (India)

The statement of Profit & Loss A/c as per the Revised Schedule VI is available in Tally.ERP 9.

1. Go to Gateway of Tally > Audit & Compliance > Financial Statements > Profit & Loss A/c .

About Schedule VI -Statement of Profit & Loss

The report displays the Schedule VI Income and Expense Heads with the respective balances. Default Tally Accounting Groups are automatically linked to their respective Schedule VI Income/Expense Heads. The Ledgers that are classified under these Accounting Groups to get linked to the Schedule VI Heads. This is a broad classification provided by Tally.ERP 9. Users can reclassify the Groups/Ledgers under other Schedule VI Income/Expense Heads as required.

Schedule VI Income/Expense Heads consisting of Groups/Ledgers that have not been categorised by the user, will be displayed as Ungrouped and in red, to bring the same to attention.

Press Enter on the required Schedule-VI head/sub-head to view the respective Note Summary report.

Total value of Ledgers grouped under Exceptional Items from Schedule VI Configuration screen will be captured for the same Head on the face of the Statement of Profit and Loss.

Total value of Ledgers grouped under Extraordinary Items from Schedule VI Configuration screen will be captured for the same Head on the face of the Statement of Profit and Loss.

Where F11 : Statutory Features are enabled and used, Tally.ERP 9 will automatically categorise VAT and CST enabled Sales Ledgers under Sale of Products, and Service Tax enabled Ledgers under Sale of Services.

Exceptions in Schedule-VI Profit & Loss A/c

In the Schedule-VI Profit & Loss A/c all the possible exceptions will be displayed in red for users’ attention.

Previous Year Ungrouped : Any Ledger/Group present only in Previous Year that remain unclassified under Schedule VI Groups, will be shown under this Exception.

Difference in Bifurcation : This exception occurs where Ledgers have been mapped to Schedule VI Heads using the Bifurcate Balance option. If their opening balances have been modified, or transactions have been passed using these ledgers, this exception occurs, and is displayed as Difference in Bifurcated Balance

Negative Balance of Stock : This exception indicates that the inventory of a business has negative balance

Button options in the Schedule VI Profit and Loss A/c

F1 : Detailed

Click F1 : Detailed or press Alt+F1 to view the Profit & Loss A/c in detailed form.

F2: Period

Click F2 : Period or F2 to change the selected period for the Audit Year (Current Year). If two separate companies are loaded or if the multiple years transactions are in the same data then the Period for the Previous Year is also changed accordingly.

F3: Hide Prev. Year

Press F3 or click on F3: Hide Prev. Year to display the Previous Year column while displaying report. This will be highlighted only when the company has more than one year data.

Ctrl+O: Copy Classify

Click Ctrl+O : Copy Classify or press Ctrl+O to copy the configurations of the Schedule-VI Balance sheet from another Company on Tally.ERP 9.

Ctrl+F3: Compare Cmp

Click Ctrl+F3 : Compare Cmp or press Ctrl+F3 to load the Company having previous year's data .

Note: If the data for both the years is there in the same Company, then it is not required to load the other Company.

For the Company with two years data, system will check for the Vouchers passed on any Day in the month March to determine the Audit Year.

The Schedule-VI Profit & Loss A/c with two years' data is as shown:

F8: Note. No.

Click F8 : Note No. or press F8 for Note Number Configuration .

F9: Master Config.

Click F9 : Master Config. Or press Alt+F9 to view the Schedule VI Master Configuration .

A: Additional Info.

Place the cursor on a Schedule VI Head and click on A: Additional Info. or press Alt+A to go to the respective Additional Details report.

N: Show Negative Stock

Press Alt+N to view Stock Items having negative balances.

F10: Audit Reports

Click on F10 : Audit Reports or press Alt+F10 to navigate to the other Audit Reports within Statutory Audit .

F12: Configure

Click F12 : Configure or press F12 to change the default display for the Schedule-VI Profit & Loss A/c report.

Scale Factor for Values : Select the required Scale Factor from Crores, Hundreds, Lakhs, Millions, Ten Lakhs, ten Millions, Ten Thousands, Thousands or Default for displaying the balances in the Schedule-VI Profit and Loss A/c

Know more:

Inserting and Renaming Heads

Classification of Groups/Ledgers using Move & To

Schedule VI Master Configuration

Schedule VI Rule Configuration

Income/Expense Disclosure

Changes in Inventories

Purchases of Stock-in-Trade

Cost of Materials Consumed

Note Number Configuration

Note Summary

Printing Schedule-VI Profit & Loss A/c