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Angie_2000's avatar
Angie_2000
Experienced Cover User
9 months ago

Profit and Loss statement

When I run a profit and loss report, payments made for liabilities (lease/loan payments) do not appear.

These particular accounts are 2- accounts (long term liabilities). 

Is there a way the loan repayments can be shown on the profit and loss?

We are an accrual based business.

Many thanks

  • gavin12345's avatar
    gavin12345
    9 months ago

    Hi Angie_2000 

     

    Suggest you discuss this with your accountant. Loan repayments don't normally appear on a P&L statement, only the interest component and this is usually posted by way of a general journal are end of month or end of year.

     

    Whether P&L is on accrual or cash basis is not usually a factor.

     

    Regards

    Gavin

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    9 months ago

    Hi Angie_2000,

    Thanks for your post. When generating a profit and loss report, payments made for liabilities such as lease or loan payments may not be automatically included. These types of accounts are typically classified as long-term liabilities. I would recommend on visiting this help articles for more information: Loans and repayments  and How to prepare a Profit and Loss

    Feel free to post again, we're happy to help! 

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    Regards,
    Earl

    • Angie_2000's avatar
      Angie_2000
      Experienced Cover User
      9 months ago

      Thanks kindly for your reply Earl.

      I create a general journal when a new loan is entered into.  

      When an amount is paid each month, I want that figure to appear on the P & L.  Is this possible at all?

      I am guessing the issue perhaps is because we are Accrual?

       

      Thanks again for your assistance :)

      • gavin12345's avatar
        gavin12345
        Ultimate User
        9 months ago

        Hi Angie_2000 

         

        Suggest you discuss this with your accountant. Loan repayments don't normally appear on a P&L statement, only the interest component and this is usually posted by way of a general journal are end of month or end of year.

         

        Whether P&L is on accrual or cash basis is not usually a factor.

         

        Regards

        Gavin

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