Financial Reports India

Introduction

The structure of the Balance sheet and Profit & Loss Reports provided is based on Schedule VI of the Companies Act, 1956 revised and can be applied as described here.

Ministry of Corporate Affairs [MCA], Government of India, has on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein.

The revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and has no connection with the converged Indian Accounting Standards.

The revised Schedule VI will apply to all the companies uniformly for the financial statements to be prepared for the financial year 2010-11 and onwards. The text of the revised Schedule VI is available at Ministry of Corporate Affairs

Financial Reports

To check the Balance Sheet and P&L Structure Setup, perform the following steps:

1. Login as the Admin of your client.

2. Go to Financial Management-> Accounting -> Setup -> Balance Sheet and P&L Setup or just type 'Balance Sheet and P&L Setup' in Quick Launch.

3. The Setup will be displayed as below:

4. The Grouping Category and the Node information for all these report configurations is generated from the Account Tree which in turn is generated after importing the csv accounting file (Chart of Accounts), as described here.

5. To check that information, select one "Report" and then check the Grouping Category tab.

6. Select a "Grouping Category"' and then check in the Node tab. Accounting information is populated as shown in the next image.
That accounting information can also be seen in the Account Tree window as that is an "Account Element".

Available Versions

Dated on 02-04-2013 the first reviewed version of this module (2.0.0) is published in "QA Approved" maturity status to be installed in Openbravo 3 MP21.