Seisa Tjela
(Member)
06/06/18 12:52 AM
How is Net Income (Loss) Calculated in Sage 300 TB

Please excuse my accounting ignorance here.

Why is it that when you extract a Trial Balance selecting only the Income Statement accounts it does not balance; even when you include the figure reported as "Net Income (Loss)"?

What really constitutes the "Net Income (Loss) for Accounts Listed" in Trial Balance?


Jay ConverseAdministrator
(Member)
06/06/18 02:43 AM
Re: How is Net Income (Loss) Calculated in Sage 300 TB

Because that's how it works. It's GAAP.

Douglas Dickie
(Member)
06/07/18 10:53 AM
Re: How is Net Income (Loss) Calculated in Sage 300 TB

Double entry accounting Debit and Credit only balance when you print the entire range of accounts, Balance Sheet and Income Statement.

Thing sales (income statement account) on account (balance sheet account)