How do I allocate a loss at year end?

article ID: 1001313 

 

Below is further information on the allocation of a loss at Year End within Mamut Business Software. This can be done by setting up a separate Profit/Loss account to which you can allocate any loss that you may have accumulated for the year.

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Once the account is setup, you can allocate the Loss as follows:

1. Go to View - Accounting - Journal Entry to open the Journal Entry.

2. Select the accounting year you want to process the Year End for.

3. Create a New entry and select Journal type Miscellaneous and period 13.

4. Enter 9997 in the N/C field.

5. Enter the Loss amount in the Credit column.

6. Press Enter.

7. Enter 3200 in the N/C field.

8. Enter the Loss amount in the Debit column.

9. Click on Update ledgers to transfer the journal entry.

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