We have the account type like Profit and Loss and Revenue , when it comes to closing sheet Which is best way to preapre the closing sheet ?
It means for expenses one closing sheet and Revenue another closing sheet or only one Closing sheet for all P& L accounts?
Please share your experience.
b) if i want to create the Account type wise like Expenses one sheet , when i click on the Closing accounts in the closing sheet it is showing all accounts . How to restrict it should show only Expenses accounts .
a) You can use closing sheet as per client’s convenience. Closing sheet is not something mandatory and i have seen many customers using trial balance and general journal over closing sheet. However, best practice will be creating of different closing sheet for different account type.
b) On the closing sheet, when you load balance, there you have option to select the account type. That can be used to filter accounts.