Forum Discussion

Angie_2000's avatar
Angie_2000
Experienced Cover User
7 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
    7 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

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
7 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
    7 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.