Hi, I just created a database. And used Standard UK Accounting Chart.
- Purchased 10 items for 50,000/item.
- Paid 500,000 invoice
- Sell 10 items for 75,000/item.
- Receive Payment of 750,000.
It should reflect in my P&L statement as 250,000 Profit but the actual result is a Negative value. Can you please explain me what is wrong? (I want to upload image of my charts of accounts but not enough karma).
Regards, Htoo
A negative amount is meant to be a credit; a credit is a "ressource" and a profit.
So, it is completely normal and I didn't do anything wrong?
Getting negative value for profit is something I was not learned in accounting study. It is freaking me out as I am planning to use OpenERP in my small company.