Set Up Accounts for Financial Statements
Organizations prepare financial statements periodically (especially at the end of a fiscal year) to assess business performance. The two most common financial statements are the Profit and Loss (P&L) Statement and the Balance Sheet. In this chapter, you will create a setup where users will provide parameters in the form of account codes from the chart of accounts (COA) for these two reports. These accounts will be used in the next chapter to produce the two financial statements.