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PL stands for Profit and Loss.
What is p&l account. Profit and loss account Definition. It is also known as the income statement or the statement of operations. SAP Balance Sheet and PL Statement accounts.
The profit and loss PL report is a financial statement that summarizes the total income and total expenses of a business in a specific period of time. There are two types of GL accounts in SAP. It is prepared to determine the net profit or net loss of a trader.
A general ledger GL account is required to record business transactions of an organization. Financial and management reports in SAP are generated based upon the transactions booked against general ledger accounts. PL account is a component of final accounts.
It is also abbreviated to PL account. It must be remembered that expenses relating to the owner or partners are not to. Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period ie.
How to understand a PL Account. The PL statement shows a companys ability to generate sales manage expenses and create profits. Gross profit or loss of a business is ascertained through trading account and net profit is determined by deducting all indirect expenses business operating expenses from the gross profit through profit and loss account.
Your PL account starts with the gross income the total of all money that comes in from your sales to customers assuming you are not VAT-registered and takes away any discounts or allowances for example for early payment or bulk purchases giving you your net income. Along with the balance sheet its one of the most important reports that your business can produce. The profit and loss PL statement is a financial statement that summarizes the revenues costs and expenses incurred during a specified period usually a fiscal quarter or year.
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