How to Use Profit and Loss Insights

Overview

Welcome to the Papercare Working Papers help section. This guide will assist you in utilising the Profit and Loss Insights feature effectively. Profit and Loss Insights provide valuable recommendations for reclassifying transactions within profit and loss accounts, ensuring accuracy and efficiency in financial reporting.

How to Use Profit and Loss Insights

Step 1: Accessing Profit and Loss Insights

Profit and Loss Insights can be accessed from Insights under the main menu.

Step 2: Understanding Recommendations

The Profit and Loss Insight page suggests potential reclassifications required in profit and loss accounts, highlighting contacts (customers/suppliers) coded in multiple profit and loss accounts.

Step 3: Managing Recommendations

You have two options for managing recommendations:

Reclassify: Click on the recommended contact to view transactions posted in multiple profit and loss accounts. Review the transactions and select those you wish to reclassify. Click Reclassify at the top right corner, enter the software code or select the account, add a description, and click Reclassify to execute. You can reclassify multiple transactions simultaneously.
Ignore: If you decide not to act on a recommendation, simply click Ignore. All ignored recommendations will be listed under the Ignored Items tab for reference.

Step 4: Steps for Reclassification

To reclassify transactions:
Click on the recommended contact to see transactions across multiple accounts.
Review the transactions thoroughly.
Select transactions for reclassification.
Click Reallocate, enter necessary details, and confirm the reallocation.

If you have any further questions or need additional assistance, please contact our support team.