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Intuit

How does the Schedule III Profit & Loss report get populated in QuickBooks

Schedule III profit & loss report data gets populated based on the account type & detail type mapping in the back ground. The mapping of the accounts are done as under:

Schedule Item(Account) TypeDetail Type / Mapping
I. Revenue from OperationsIncome
Non-Profit Income
Other Primary Income
Revenue - General
Sale of Product Income
Sales - Retail
Sales  - Wholesale
Service Fee Income
Unapplied Cash payment Income
II. Other IncomeIncome
Discounts / Refunds Given
Other Income
Dividend Income
Interest Earned
Other Investment Income
Other Misc. Income
Other Operating Income
Tax-Exempt Interest
Loss on disposal of assets
Unrealised loss on securities, net of tax
III. Total Reveue (I + II)
IV. Expenses
Cost of material consumedNO MAPPING
Purchase of stock-in-trade #Cost of goods sold
Supplies and Materials
Changes in Inventories of Finished goods, work-in -progress and Stock-in-Trade #NO MAPPING
Employee benefit expensesCost of goods sold
Salaries and Wages
Finance costsExpenses
Borrowing Costs
Other Expenses
Exchange Gain / Loss
Depreciation and amortisation expensesOther Expenses
Amortisation
Depreciation
Depletion
Other ExpensesCost of goods sold
Equipment rental
Freight and Delivery
Other Cost of Sales
Expenses
Advertising / Promotional
Dues and Subscription
Insurance
Legal and Professional Fees
Rent or Lease of Buildings
Shipping, Freight or delivery
Utilities
Auto
Bad debts
Bank charges
Charitable Contributions
Commissions and fees
Equipment rental
Finance Costs
Income tax expense
Interest paid
Loss on discontinued operations, net of tax
Management compensation
Meals and entertainment
Office/general administrative expenses
Other miscellaneous service cost
Other selling expenses
Payroll expenses
Repair and maintenance
Shipping and delivery expense
Supplies & materials
Travel expenses - general and admin expenses
Travel expenses - selling expense
Unapplied Cash Bill Payment Expense
Other Expenses
Other expenses
Penalties and Settlements
Total Expenses
V. Profit before exceptional, extraordinary and prior period items and tax
VI. Exceptional ItemsOther Expenses
Exceptional Items
Prior Period Items
VII. Profit before extraordinary items and tax (V-VI)
VIII. Extraordinary itemsOther Expenses
Extraordinary Items
IX. Profit before tax (VII – VIII)
X. Tax expenses
Current taxExpenses
Taxed Paid
Other Expenses
Income Tax
(MAT Credit)
Deferred taxOther Expenses
Deferred Tax
XI. Profit(Loss) form the continuing operations (VII-VIII)
XII. Profit / (Loss) from Discontinuing OperationsNO MAPPING
XIII. Tax Expense from Discontinuing OperationsNO MAPPING
XIV. Profit / (Loss) from Discontinuing Operations (after Tax) (XII-XIII)
XV. Profit (Loss) for the period (XI-XIV)Calculated Profit (Loss) for the period

NOTES:

  • The line items which has <NO MAPPING> updated will not get any data populated in the report. These line items do not have any account mapping in the background. If you think that these should be mapped to a particular account, please enter a feedback from withing the product for it.

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