My boss asked me to run a profit and loss report but he is saying it is incorrect. He is saying staff wages should appear on the P&L but they don't. There is a column for gross wages, but the amount that appears under this is for the nominal code for staff training. Whose job is it to set up the profit and loss? I thought that it would be set up by the company accountants - I have worked here as company book keeper for about 8 months and I have entered transactions using the nominal codes which have already been set up on Sage. Is it the job of the company accountants to make up the profit and loss or is it my job. Any help would be very much appreciated.
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The profit and loss gets its format from a thing called The Chart of Accounts. This determines how nominal codes are grouped and displayed when running financial reports.
You can check the Chart Of Accounts under Nominal Codes and then clicking on Chart Of Accounts.
You can read the full details of how it works below,