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3 weeks ago
3 weeks ago
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
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3 weeks ago
3 weeks 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!
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Regards,
Earl
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3 weeks ago
3 weeks 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
3 weeks ago
3 weeks 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
3 weeks ago
3 weeks ago
Thanks heaps Gavin, that was going to be my next port of call
Really appreciate your reply!
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