Overview:

To verify postings made to debtors, creditors, and opening balances for the bank, it’s essential to use the correct reports. The Profit and Loss (P&L) report focuses on revenue and expenses, so it won’t display nominal codes related to debtors, creditors, or bank opening balances. Instead, check the Trial Balance and Balance Sheet reports. The Trial Balance provides a detailed view of all accounts, including debtors and creditors, while the Balance Sheet offers a snapshot of opening balances and current financial standing. These reports will accurately reflect the postings for the accounts you are reviewing.

Description: How to check the postings made to debtors, creditors and opening balances for the bank?

If you tried to run the Profit and Loss report to check the postings you’ve made to debtors, creditors and, opening balances for the bank, but it’s not showing any nominal codes

Resolution:

The P&L would show revenue and expenses, the Trial Balance and Balance Sheet will show your debtors, creditors and opening balances.

Learn more about balance sheets in Zumzum Financials.

In conclusion, to accurately verify postings related, it’s crucial to use the appropriate reports. While the Profit and Loss (P&L) report focuses on revenue and expenses, it does not display nominal codes for these accounts. Instead, the Trial Balance and Balance Sheet reports should be used to view detailed postings and financial positions for debtors, creditors, and opening balances. By reviewing these reports, you can ensure accurate financial tracking and reporting. For further guidance on understanding balance sheets and other financial reports, refer to the resources available in Zumzum Financials.