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Angie_2000's avatar
Angie_2000
Experienced Cover User
8 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
    8 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
8 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
    8 months ago

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

     

    Really appreciate your reply!

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