Forum Discussion

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 r...
  • 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

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

        Thanks heaps Gavin, that was going to be my next port of call :)

         

        Really appreciate your reply!

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.