In profit and loss Account we need to show Cost of Sale in separate group. But when we crate any group under Expense this will shown under Expenses.
But actually Profit and Loss Account must have > "Gross profit = ( Income - Cost of Sales) " and "Net Profit = (Gross profit + Other Income-Expenses- other Expense)
Please Make Profit & Loss Account format as per my formula. In this world around 99% Company need my format.
You can do exactly as you want with the existing Chart of Accounts.
For COS - Settings - Chart of Accounts - P&L - New Group - Cost of Sales (Cost of Goods Sold)
Tick the expenses box but don’t select a Group
For Gross Profit - Settings - Chart of Accounts - P&L - New Total - Gross Profit
To get them in the right order use the code box - the light grey numbers in the below sample
Yes, already I done this way. Thanks
This was very useful for me. Thanks!