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Balance Sheet and Income Statement using FSG [message #266946] Wed, 12 September 2007 01:21 Go to next message
Puskado
Messages: 38
Registered: May 2007
Member
Hi All

I would like to know how can I move Net Profit from Income Statement to the part of Equity in Balance Sheet. The defined Balance Sheet using FSG does not balance with Net Profit amount. Net profit is a calculation row from I/S and now I cannot reference it. Please help..
Re: Balance Sheet and Income Statement using FSG [message #267252 is a reply to message #266946] Wed, 12 September 2007 18:37 Go to previous messageGo to next message
David.K.Dickson
Messages: 413
Registered: October 2005
Location: Surrey, England
Senior Member
Puskado wrote on Wed, 12 September 2007 07:21
I would like to know how can I move Net Profit from Income Statement to the part of Equity in Balance Sheet.
At the appropriate place in the Equity section of the BS, add together all of the P&L accounts and print only the total.

e.g. Suppose that the Accounts 0000 to 0999 are Sales, 1000 to 1999 are Cost of Sales, 3000 to 6999 are Overheads, 7000 to 7999 are Assets, 8000 to 8999 are Liabilities and 9000 to 9999 are Owners Equity. The FSG Statement for the P&L will contain all of the accounts from 0000 to 6999 with various levels of detail and totalling depending on the business requirements. The BS will contain all of the accounts 7000 to 9999, again with various levels of detail and totalling depending on the business requirements. At the appropriate point in the Equity section of the BS, specify all of the accounts 0000 to 6999, but print only the total, not the individual items. Your Balance Sheet will now balance.

Cool HTH

David.
Re: Balance Sheet and Income Statement using FSG [message #267477 is a reply to message #266946] Thu, 13 September 2007 07:36 Go to previous message
Puskado
Messages: 38
Registered: May 2007
Member
Thanks David it worked.
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