Additional information on profit/loss allocation at Year End

article ID: 2022406 


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


First, you will need to create an account in the chart of accounts to allocate the profit or loss to.

1. Go to View - Accounting - Chart of accounts.

2. Click New and enter the code 9997.

3. Give the description 'Profit/Loss allocation' and change the default focus to debit.


Once the account is set up, you can allocate the Profit/Loss.

1. 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 Profit amount in the Debit column, or enter the Loss amount in the Credit column.

6. Press Enter.

7. Enter 3200 in the N/C field.

8. Enter the Profit amount in the Credit column or enter the Loss amount in the Debit column.

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


Also see related content for information about profit allocation.


Query words: Year, end, profit allocation, loss, profit, year end