Tally

Profit & Loss Statement Configuration in Tally

Posted by Asok K Nadhani on

Last Updated on: 5th July 2024, 01:47 pm

Profit & Loss Statement Configuration in Tally

Profit and Loss statement  is a financial summary of Income, Expenses and Profit / Loss of the organsiation for a specified period. In this post, we discuss about Profit and Loss statement  Printing, Display & Configuration options in Tally.

Profit & Loss Statement in Tally

We have already discussed Profit & Loss Statement . The  Profit & Loss Statement & Balance Sheet  are normally available at Gateway of Tally Main Manu.

To place P L Statement, Balance Sheet and other reports related to Final Accounts in  separate menu,  at GoT>F12:Configure>General, set Yes at Use Separate Menu for Final A/c Statements

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Final Accounts Menu option in Tally

Consequently, an additional Item or Final Accounts appear under Reports section at Gateway of Tally Main Manu.

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Final Accounts in Main Menu in Tally

The various management reports are placed under Final Accounts  menu .

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Final Accounts Menu in Tally

Profit & Loss Statement Display in Tally

Select Profit & Loss Statement A/c at Main Menu (or under Final Account Menu : , as the case may be, to get Profit & Loss Statement .

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Profit & Loss Statement in Tally

Profit & Loss Statement Configuration in Tally

At Profit & Loss Display , click F12: Configuration to get Profit & Loss Configuration screen .

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P L Statement Configuration in Tally

At P L Statement Configuration screen, set the Options as follows:

– Profit & Loss Format : You may get Profit & Loss Statement in 2 formats :

  • Normal Format (T Form) : Set No at Show Vertical Profit & Loss to get Normal Profit & Loss Account Statement (in T Form) showing Expenses at Left side  Income at Right side.
  • Vertical Format (I Form) : Set  Yes at Show Vertical Profit & Loss to get P & L statement  in vertical format with Trading Account at Top, showing Sales & Direct Income with subtotal, followed by Direct Income & Direct Expenses with adjustment of  opening & Closing Stock to show the Gross Profit. It is followed by the figures of Indirect income & Indirect Expenses, showing the Net Profit .

The Vertical form reveals operational results and is preferred for Financial Management, Analysis & Control.

– Trading & Profit & Loss Account : At Show with Gross Profit :

  • set Yes to get Trading & Profit & Loss Account showing Gross Profit / Loss with Sales, Direct Income, Purchases, Direct Expenses and all other accounts showing the Net Profit / Loss

– Percentage Figures : At Show Percentage,

  • Set Yes to get the % figures of each Account Group, Gross / Net Profit Loss based on Total of Sales Group
  • Set No (default). No percentage figures would be shown
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Profit & Loss Statement  in Tally – Vertical Format

P L Statement Buttons in Tally

At P L Statement Display , you get following buttons

  • Format :
  • Detailed : Click F1:Detailed button to show the next level details
  • Condensed : Click F1:Condensed button (default) to show figures of Top Level Primary Groups only
  • Columnar Report Buttons : Buttons to create Columnar Report
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P L Statement Button bar in Tally

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