Define Profit and Loss Accounts in Sage Enterprise Management V11

Define Profit and Loss Accounts in Sage Enterprise Management V11

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Define Profit and Loss Accounts in Sage Enterprise Management V11

While trying to manually enter a journal entry in Sage Enterprise Management, following error message may appear stating that “Profit and loss account not defined”.

To manually define profit and loss account, go to:

Parameters -> Organization structure -> Companies

Under the Accounting tab, mark the Retained check box as shown below.

Create a Retained Earnings account by accessing account creation function under:

Common Data -> G/L Accounting tables ->Accounts

Add this account to your Chart of account by going into,

 Parameters -> Organisational structure -> Chart of Accounts

Now, go to the Miscellaneous Accounts Tab as shown below and add Retains Earnings account in the grid.

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Panni

Panni

Panni is an Alberta based technology consulting firm offering consulting services in Sage ERP X3, business intelligence, business collaboration, invoice automation to medium and large enterprises. Leveraging our deep industry knowledge and technical expertise, we help companies improve and optimize their business processes by creating technology-enabled business solutions.

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