From what I've learned from different accounting stuff it seems logical to credit the Revenue accounts. But can someone describe me what the actual meaning of negative balance of "Profit and Loss" sheet on "Chart of Accounts" tab?
P.S. OpenERP V.7. accounting
Not really. I discovered the problem and it happens that balance is calculated by debit - credit. However, in case of Profit and Loss it should be reversed. The point is that Expenses are always debited and the Debtors are credited. I've changed the postgres view in
addons/account/report/account_entries_report.py
and added
l.credit-l.debit as x_inverted_balance
I had to modify model to add this new field and views. So that made a trick.
it will become negative based on your data, not all the time it is negative.. it depennds on your debit and credit data.. profit and loss is based from income less expense.. if your expense is greater than income your PF will be negative.. if your income is greater that expense your PF is positive..
well, not really. so when the customer pays in cash I am actually credit Revenue account and debit the Cash account. in the same time when I have to pay salaries etc I am debiting the Expenses account. So when the Revenue (credit) is greater then Expenses (debit) that means that my company is profitable. Isn't it?
yes ,that's right :D
the balance is negative tho this is why I am confused. anyways, thanks.
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