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

Final Accounts Menu option in Tally

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

Final Accounts in Main Menu in Tally

The various management reports are placed under Final Accounts  menu .

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 .

Profit & Loss Statement in Tally

Profit & Loss Statement Configuration in Tally

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

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

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

P L Statement Button bar in Tally

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