Why do I Have a Figure in "Profit this Period" on my Balance Sheet?
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Summary
This article will explain why there is a figure showing in the Balance Sheet for "Profit This Period" and how to clear down the amount showing.
More Information
Essentially the reason why there is a figure for "Profit This" is because when the "profit and Loss" was printed out and accepted you did not run the "Audit Trail & Clear Down". We suggest not to run the "Audit Trail & Clear Down" as you are then unable to produce a "Trail Balance" for a previous period.
To clear down the amount showing in the "Profit this Period" you will need to run the "Profit & Loss" audit and clear down for a range of dates. To do this go to:
- " Nominal Ledger Profit and Loss"
- Here click on " Change Report Range"
- On "Start Date :" enter the 'date' for the start of the period in question.
- On "End Date :" enter the 'date' for the end of the period in question.
- Press <Esc>.
- Now click on " Audit Trail & Clear Down".
This will print out an audit of the "Profit & loss" for the period you stated previously and once you have checked the audit and are happy simply click on [Accept]. If you were to check the Balance Sheet again the "Profit This Period" should not appear.
 | Remember: Running the "Audit Trail & Clear Down" for any period will remove the figure in the "Profit This Period", but it will also mean that you will not be able to produce a "Trial Balance" for a previous period in the current financial year. Once processed it can not be reversed! |
