Profit Period differ in P&L and Balance sheet reports

[Former Member]

Hi Experts,

I have a client who have an issue with the Profit Period in the financial reports. When we run the Balance Sheet this differs from the P&L statement's Profit Period even though we choose the same dates.

Any ideas where I can start looking for an answer to this question. Retained Earnings do have PEC transactions, but this is not the same amount than then difference....

Regards,

Marli

[Former Member · Accepted solution]

Hi Marli,

I am afraid both statements need the same period setting to match. Please give an example Profit Period for your case.

Thanks,

Gordon

[Former Member]

Hi,

I might be the problem in Financial Report Template. There may be a chance where some newly created GL Accounts will not be linked into the template.

Update the P&L and Balance Sheet Template once again with all the accounts.

[Former Member]

Thanks Gordon and Manikandan.

I checked and there was no Financial templates created. We have this on the standard "Chart of Accounts" setting in both reports.

I was wondering of the posting periods 'financial year' entry might have something to do with this? The Client recently changed their Posting periods and I see there is too many periods with the financial year 2011. Might it be that the Balance Sheet looks at that entry and the P&L not?

Thanks.

Marli

[Former Member]

Experts,

Can this be because the PEC procedure was not run for the 2011 year that I'm looking at these reports?

I looked at some of my demo databases and found that most had this profit period difference between the Balance Sheet and P&L Reports....

Regards,

Marli

[Former Member]

This issue had to do with the PEC not being run for some transactions/accounts. As soon as I did that the Profit Period amounts were the same in the Balance sheet and P&L Statement.