Diff between revenue/cost & profit &loss

Hi Friends,

we have acct type revenue, cost, p/l, in chart of acct. could you plz answer

me which case we have to select type as Profit and Loss.??

Similarly we have Asset. Liability and Balacesheet, we case we use

type as Balance sheet.


It is depending on company or partner…who involves in implemention decides what to be used in their organization.

Generally only P&L and Balance acct type combination is used.

if CFO or someone insists,then we would be using cost, revenue, asset and liability types. this gives more clarity in understandign the COA.

  • JK