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Diplaying gross profit in Profit & Loss report by different sales and cost of good sold sub-accounts

Dianita

Good morning Team,

I recently added some revenue (sales) and cost of goods sold accounts in our Reckon test file. Added some transactions in the receivable and payable modules and then run the P&L analysis. My main question is whether it is possible to display the report with the itemised gross profit for the newly created accounts? See example below on the right. The result in yellow is what we are looking to achieve. I tried to see the report options, it does not seem to have this functionality but I could have missed some things. Can you confirm if this is possible please? Thanks

Our reckon module is: Reckon Accounts Enterprise 2020.

Kind regards,

Nita

Comments

Kris_Williams

To my knowledge only by exporting to Excel and making the changes

Dianita

Thanks Kris, that is what I am afraid of. Hoping for some miracle that one of the Reckon support people actually come up with something good for me to try in the module. Fingers crossed!

Bruce

Kris' observation is correct.

One very imperfect thing that you might want to consider is to set up Classes A, B & C. This would enable you to produce full P&L's by each class.

PS For what it is worth, I use classes to separate operational divisions, e.g. States and I wouldn't use it for your purpose without a lot of thought. As I said - very imperfect.

Kris_Williams

Yes Bruce’s idea very good, I have used classes in the past and it will give you exactly what you need. Why imperfect Bruce?

Bruce

Kris

To my mind imperfect because I think Classes are better suited to operating divisions/geographical divisions/cost or profit centres rather than products. In particular these types of classes typically tend to be managed in a way that expenses can be separately identified and allocated.

However if Nita is certain she isn't going to need classes for other purposes then go for it.

@Dianita if you adopt this approach when you produce your P&Ls select Display columns by Class across the top. Make sure you pay attention to anything that is displayed as "unclassified" which will be the very right hand column.

There is a risk, that because nobody "owns" these items, they will escalate and the appropriate degree of attention is not paid to these expenses.

Good luck.

Kris_Williams

Yes I do agree you have to be vigilant but the reports easily allow for identifying errors, it was a good solution Bruce

Dianita

Good morning Bruce and Kris,

Yes, using 'class' is a very good option indeed and we have been using that in our state by state analysis for a good few years now. Unfortunately the management has recently decided to adopt a different business analysis approach, hence the newly creation of revenue and COGS accounts is in picture and subsequently the need for separate individual gross profit analysis 😊

And yes, we have experienced this 'who should take that cost' situation before. I believe that is one of the main reasons that our management has decided to move away from the state analysis.

That being said, I still thank you very much for your input and hoping there will be someone else who could provide another solution that I could test for this.

Regards,

Nita