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I'm trying to understand our balance sheet that the accounting module produces. You'd think the profit would simply be income minus expenses. But Odoo expresses the profit as a negative number when income is greater than expenses. I'm not an accountant and I'm wondering if it's a bug in the software. Odoo 10 CE. Income = $30,000. Expenses = $20,000. Profit (loss) to report = $ -10,000
PS: How do I add an attachment to this post?
A profit must have the same sign as equity, but that is accounting 101.
Thanks Ermin. Since I don't understand what you said and I'd like to understand the output from the odoo accounting reports, I guess I need to do some adult education class for accounting.
Hi Donald
The report will show the loss as a negative amount, which will appear on the Balance Sheet to balance it.
However, you may review the (Financial Reports) menu with the Developer mode to confirm the calculation for Profit & loss and edit it if needed, because the number you mentioned should result in a Positive 10,000
Thanks Yossef. I wanted to attach files to my post to show what I'm talking about but don't see a way to do it. Any help with that?
And PS: it is not a loss. It is a profit. And so common sense (as opposed to accounting sense) says it should be a positive number.
Don't think you can attach a screenshot, I think you need to review the formula of the Net Profit on the "Profit & Loss" report from the Financial Reports menu as I mentioned above.
It should equal to (OPINC + OIN - COS - EXP - DEP) if there are any difference modify it until it's correct
Well, I don't know what OPINC, OIN, COS, EXP and DEP are. If you can explain that I might be able to begin my education and investigation. Thanks.
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