Hi Rick,
The Net Income category is something similarly to the
retained earning! by default the COA should have a
default retained earning account to capture the
accumulated Net Income of the company! as Mario said
that instead of COA, we can managed the account thru
category & it is more organizable!
To check whether u have already setup the Net Income
Category, goto Financial Management -> GL -> Master
file maintenance -> Account Category -> check thru
'Balance Sheet type', & then check whether u have
created a default Retained earning or net income
account under the net income category! If u already
created the RE account; u must assigned the RE account
at the company configuration setup in order the FR to
run!
Hope this can help u with the error that prompt!
Good Day!
Best Regards,
BLing
PSB
--- Mario Aguirre <maguirre@...> wrote:
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The Net Income category is something similarly to the
retained earning! by default the COA should have a
default retained earning account to capture the
accumulated Net Income of the company! as Mario said
that instead of COA, we can managed the account thru
category & it is more organizable!
To check whether u have already setup the Net Income
Category, goto Financial Management -> GL -> Master
file maintenance -> Account Category -> check thru
'Balance Sheet type', & then check whether u have
created a default Retained earning or net income
account under the net income category! If u already
created the RE account; u must assigned the RE account
at the company configuration setup in order the FR to
run!
Hope this can help u with the error that prompt!
Good Day!
Best Regards,
BLing
PSB
--- Mario Aguirre <maguirre@...> wrote:
> I am not a being counter, but as if I was. I had to<http://rd.yahoo.com/SIG=129qdg5h6/M=295196.4901138.6071305.3001176/D=groups
> create reports with 13
> months columns, etc. and noticed that the wizard
> works with the account
> categories. The more organized the categories, the
> better. Also, if you do
> your financial statements with categories is very
> nice. Your controller or
> accountant can add accounts and they are
> automatically added to your
> financials because they are reading categories
> rather than accounts. I just
> finish removing security to all users but
> administrator to account category
> after it took the accountant and I about 3 months to
> organized all the
> categories.
>
> Good Luck!
>
> Mario Aguirre
> Lakin General
>
> -----Original Message-----
> From: Ludwig, Rick [mailto:RickL@...]
> Sent: Wednesday, May 12, 2004 8:24 AM
> To: Vantage@yahoogroups.com
> Subject: [Vantage] FINANCIAL REPORT DESIGN QUESTION
>
> Hopefully a fellow bean counter can help me...
>
> I am in the process of setting up a Balance Sheet
> and Income Statement
> on our new plant's database. I read about the
> Report Wizard, but
> couldn't find it. I have begun to manually set up
> the Balance Sheet
> when I stumbled across it. I'd like to try and use
> it rather than
> manually setting up each report (looks like an all
> day process and I'm
> already behind in closing the month!).
>
> QUESTION: I get an error message about needing to
> set up at least one
> Net Income category -- where is this done? I have
> established a Net
> Income account in my chart of accounts, but I'm lost
> as to where I need
> to "set up at least one Net Income Category".
>
> Any help would be appreciated!
>
> Sincerely,
>
> Rick Ludwig
>
> Vice President of Finance & Administration
> Metal Spinners, Inc.
> Angola, IN 46703
> DIRECT (260) 665-2158 x25
> FAX (260) 665-5327
>
>
>
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