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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