Impact of the nominal categories in the Financial Reports

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• Impact of the nominal categories in the Financial Reports

Zumzum Financials Knowledge Base

1. Depending on which nominal category they are grouped in, the different nominal accounts stored in the system will be displayed in one or the other of the two main Financial Reports in the system, as follows:
2. Profit and Loss will only use revenue and expenses nominal categories for its calculations.
   • Sales – Purchases – Direct Expenses = Gross Profit /(Loss)
   • Gross Profit /(Loss) – Overheads = Net Profit /(Loss)
3. Balance Sheet will only display assets, liabilities and Capital and Reserve accounts. However, please notice that the current year´s result obtained from the Profit and Loss report will be included in the Capital & Reserve section of the Balance Sheet.

Last Updated: 12 months ago in Balance Sheet, Chart of Accounts (COA), Nominal Category, Profit And Loss Report (Income Statement) Tags: Financial Reports

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