Define Profit and Loss Accounts in Sage X3 V11
While trying to manually enter a journal entry in Sage X3, 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.