Tut, sorry for the delay but I used up all my posts yesterday and had to wait until today. Thanks for the time you have spent and your input. I guess I really should have spent some time getting a grasp of the terminology first and how things worked. To start over is not an option, but I’m still not sure how I can achieve what I am after.
I run my personal accounts as a separate “business” under Manager. The P&L looks somewhat different (expenses appear in brackets) and I still can’t get totals.
I’ve read and re-read the guides but not really understanding them. I will have a look at that on line book keeping you recommended.
Brucanna, sorry for the delay but I used up all my posts yesterday and had to wait until today. Thanks for the time you have spent and your input.
Your recent responses look really interesting particularly Option 1. This would make things really easy to understand when I distribute the P&L to the lot owners. Unfortunately I have no idea of how to achieve this. Like I responded to Tut I will need to spend some time really understanding the basics, and going back through the guides. Thanks again.
Step 1 - set up the Chart of Accounts as required.
Step 2 - set up the Tracking Codes
Step 3 - set up the P&L Report parameters
Step 4 - if you already have entered transactions, just edit them to change the account selection and add the related tracking code.
Step 5 - once completed, delete redundant chart of accounts.
This is a function of your set up under Chart of Accounts under Settings. Click Edit next to the Expenses group name:
If Expenses is checked, the P&L shows the group as “Less Expenses” with positive numbers. If unchecked, it shows as “Expenses” with negative numbers (in parentheses on the Profit and Loss Statement report, but with minus signs on the Summary page).
However, if your expenses are appearing in parentheses, this could mean those accounts have credit balances, depending on whether that box is checked or not. And that would mean you are entering your transactions incorrectly. Expense accounts normally have debit balances. Make sure that your display makes sense according to your checkbox selection. If you have two businesses that display differently in this respect, you need to figure out why.