Profit & Loss (Schedule III)
Your statement of profit and loss in the layout the law prescribes for your country, with the same period one year earlier beside it. Bizconnekt offers it only where your business unit's country has such a format. Today that is India, where the formats are Schedule III and the non-corporate format of the ICAI. In other countries the card does not appear and you use the Profit & Loss.
Quick look
- Go to Reports › Business Reports and click the Profit & Loss (Schedule III) card. The card carries the name of your unit's default format.
- Pick a Time Period, or choose a first and last day in the date range. With neither, it covers this financial year to date.
- Click Run Report.
- Read any red or amber notice above the table before you print.
Done. You see the statutory statement for your period beside the same period last year, and a warning if some profit is not shown.
Full guide
What it shows, and when to use it
Use it for annual accounts, audits and filings, where the headings must follow the statutory format. Each income and expense account is placed under a heading of the format, and computed lines such as profit before tax add the headings up. It reads the same postings as the standard Profit & Loss, grouped under the statutory headings.
Filters and date range
Click the filter button beside Run Report to show or hide the filters.
Fields in this section
| Field | Required | What to enter |
|---|---|---|
| Reports | No | Switch to another Business report. |
| Time Period | No | This Month, This Quarter, This Year, Previous Month, Previous Quarter or Previous Year. |
| Date range | No | A first and last day, instead of a period. Picking one clears the other, and if you pick both the period wins. |
| Format | Only if your country has more than one | Choose another statutory format. It is shown above the table, next to the links. |
With nothing chosen it covers your current financial year up to today. If you give only a last day, the period starts on the first day of the financial year it falls in. The financial year starts in the month set in your business unit settings. The previous column is the same days one year earlier; a last day at the end of a month stays at the end of its month. The report is for the business unit you are working in.
Columns and how the figures are worked out
Fields in this section
| Column | What it shows |
|---|---|
| Particulars | The statutory headings and lines. Click the arrow on a line to open the accounts that make it up. |
| Note | The note number of the line in the format. |
| Current column | The figure for your period. |
| Previous column | The figure for the same period one year earlier. |
- Each account is the total of its entries dated inside the period. Entries from before it, and entries of a deleted document, are not counted.
- An entry with no account code, or a code your chart does not have, is matched to the account of the same name, as the standard report does.
- Lines the format does not compute, such as earnings per share, show a note instead of a figure.
- Both columns use the placement in force on the last day of your period.
- Documents dated before your go-live date are not in the books; a line says so when your unit has a go-live date.
Notices above the table
- Some profit is not shown in this statement (red). It names the difference and the column. It means some income or expense accounts are not placed.
- Please review (amber). It lists Accounts that could not be placed with their amounts, and a link, Review where accounts are placed, to Schedule III Headings.
- If there is nothing to show, the table says "There is nothing to show for this period."
Sorting, drill-down and export
The statement keeps the order of the format, so it has no sort, column chooser or pager. The arrow on a line lists its accounts; accounts do not open an Account Statement from here. Where accounts are placed and Statement settings link above the table. Export to Excel, Download PDF and Download annual accounts (PDF) appear once there is data; the first two hold both columns. In India the PDF opens the Signatures on the statement dialog first; its fields are on Balance Sheet (Schedule III).
Notes to accounts
Under the statement a collapsible Notes to accounts section holds the notes the lines refer to. Open it to read them; it loads when you first open it. Each note is titled "Note n" with its tables. A note that does not agree with its statement line is marked Does not tie, shown rather than hidden. Some notes have a Fill in link where a figure must be entered by you. If the figures change after you opened it, the section says "Notes are out of date - refresh". Where a format has no notes yet it says so.
Amounts in, and annual accounts
Before a download the Amounts in dialog opens, when your statement can be printed in more than one unit. It is titled Download PDF, Download Excel or Download annual accounts (PDF) after what you chose. Pick the unit under Amounts in, then click Download or Cancel. The unit is chosen each time, is not saved, and the screen stays in the base currency. If the units cannot be checked, the file downloads in the base currency and a message says so.
A third icon, Download annual accounts (PDF), sits beside the PDF and Excel icons. It prints the balance sheet and the profit and loss together with the notes, in one PDF. It is greyed out when the format has no matching pair, and the page then says annual accounts are not available for this format. Where the format includes it, a Statement of Changes in Equity is printed with them.
Who can see it
Open the report with View on Business Reports. Without it the report list shows a No Access page. Business Reports has only View and Add/Edit. A report changes no record, so Add/Edit makes no difference to viewing.
On mobile
The mobile app lists this card but cannot show it yet; the report opens empty. Use the web app. Same on iPhone and Android.
The Android app is on Google Play. The iPhone app is coming soon to the App Store.
Problems and fixes
It says some profit is not shown
An income or expense account has no heading in the format. Open Review where accounts are placed, place the accounts under Accounts that could not be placed, and run the report again.
The profit differs from the standard Profit & Loss
Compare the same dates. This statement defaults to the financial year to date, and the standard report to This Year, which runs to the end of the financial year. If the dates match and a red notice is showing, an account is unplaced.
I cannot see this card
It appears only where your business unit's country has a statutory format. Check the country of the unit you are working in.
The report page says No Access
Your role does not have View on Business Reports. Ask an administrator to turn it on.