Good Evening
I run a small dog grooming business and I am wanting to have a clearer understanding of our accounts. We have purchased Sage software and have successfully entered the Trial Balance from our Accountant. I have checked the Sage Trial Balance within the tasks upon set up and everything reconciles with the Trial Balance from the Accountant. However I am a little perplexed, as underneath the Trail Balance figures from the Accountant, there is a net loss figure. I have looked at the Profit & Loss account (b/f) report, which shows a profit figure rather than loss. I am at a loss as to what report I would need to produce.
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Replies (11)
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Hi David,
I am asking for assistance with what report to use which shows the net loss.
Thank you
Hi David,
I am asking for assistance with what report to use which shows the net loss.
Thank you
Your accountant is the best source of assistance.
As implied above, we can only guess what you've done wrong.
On Monday I had £10 in my pocket.
On Tuesday I spent £5, however today I only have £3 in my pocket.
I am at a loss to know where to find the missing £2.
Can someone tell me where to look?
Unfortunately, I am unable to ask my our Accountant. He has gone back to his own country on a personal matter.
To reiterate, I am not trying to establish the loss or difference. I am trying to establish if I am looking at the correct reports and criteria.
You need to wait until he gets back.
It’s not about what report it’s about something being inputted correctly.
This is a forum for Accountants not psychics.
How can we know where it’s wrong, just as much as we don’t know where Wanderers lost couple of pounds have gone!!!!!!!
What profit or loss did the P&L show in the last accounts?
Chances are you have miscoded something to a balance sheet code rather than a profit and loss code. If you look in the chart of accounts you can see which codes are included within each report heading. (Fixed assets/debtors etc)
Most common mispostings are using the balance sheet codes for wages as there are control accounts in the 2xxx codes that are in the default coding.
The trail balance codes are in a pretty logical order - you just need to work out which parts of last year's accounts should fall into each ranges of codes.
Or wait for your accountant to come back - opening balances can be fixed afterwards, as long as your bank balances are OK, you can start running the bookkeeping
The way I read the OP is that the TB on Sage agrees to the TB from the accountant but that the latter has an additional line for loss in the year? Yes / no?
If that's the case, then that additional line is simply a memo and is outside the TB. The accountant's software may do that as a matter of course (mine does too) but Sage doesn't.
And if that's the case, the loss for the year has no bearing on the profit b/f at this moment in time (and won't until the year end is run).
Hi Adam,
Yes, you are correct. The Trial Balance that I have printed from Sage replicates the Accountants Trial Balance.
There is a debit and credit totals which are identical at the bottom of his report and likewise with mine.
On the Accountants report, under the totals is a net loss figure. It has also thrown me as there is a figure on the profit and loss brought forward (credit side)
The way I read the OP is that the TB on Sage agrees to the TB from the accountant but that the latter has an additional line for loss in the year? Yes / no?
If that's the case, then that additional line is simply a memo and is outside the TB. The accountant's software may do that as a matter of course (mine does too) but Sage doesn't.
And if that's the case, the loss for the year has no bearing on the profit b/f at this moment in time (and won't until the year end is run).