Reconciling the balance Sheet and Profit & Loss

Yvonne1
1 Post
User

1Posts

0Kudos

0Solutions

Reconciling the balance Sheet and Profit & Loss

How do I reconcile the balance sheet and Profit and Loss ? Is there a simple formula ?

1 REPLY 1
Steven_M
MYOB Moderator
39,385 Posts
MYOB Moderator
New Zealand
MYOB Moderator

39,385Posts

5,348Kudos

5,794Solutions

Re: Reconciling the balance Sheet and Profit & Loss

Hi @Yvonne1 


When viewing the Profit and Loss for the current financial year, it will give you a Net Profit (or Loss) value. This particular value will flow through to the Balance Sheet as the Current Year Earnings account amount. In terms of the previous year's Net Profit (or Loss), this would be combined into the one amount - Retained Earnings, which is done at the end of the financial year when you close your financial year.

 

In terms of reconciling the amounts, you would be comparing the Net Profit and Loss with the Current Year Earnings amounts on the Balance Sheet.  Note: You would need to ensure that you are comparing the Balance Sheet with the As of Date that is the same as that of the end date of the Profit and Loss.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post