Profit and loss account is a financial report of a company which shows income and expense of a company, in this post we will learn that how to view profit & loss account in tally prime
Open Tally Prime Software
Open a tally prime software and select your company in which you want to work or view the reports
Gateway of Tally
Gateway of tally is the first screen you will see after selecting your company
Reports
Reports can be seen at gateway of tally screen only, under the reports you can access
Balance sheet
Profit & loss account,
Stock summary and
Ratio analysis
Select the profit & loss account and press enter
Vertical Profit & Loss Account
You can view vertical profit & loss account also by pressing F12 – Configuration
Under configuration you will see
Show vertical profit & loss account – Type yes and enter
Your profit & loss account will be now in vertical format
Detailed Format
Profit and loss account also can be viewed in detailed format like balance sheet
For that you just need to press Alt + F1 and you can view profit & loss A/c in detailed format
Debit & Credit Side
Debit Side: on debit side in profit & loss account you will see all expenses and losses incurred by a business (for eg: rent, salaries and interest
Credit Side: on credit side in profit & loss account you will all incomes and profits
Print & Export
Profit and loss account report printed by pressing Ctrl + P
You can also export the report in pdf or excel format by pressing Ctrl + E
Conclusion : If you see a credit balance in profit & loss account then it’s a net profit or if you see a debit balance in profit & loss account then it indicates a net loss
