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DijanaCDG's avatar
DijanaCDG
User
2 months ago
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PROFIT AND LOSS

Does the Income 4-1300 Professional Fees - Total Income include the GST amount recieved?

  • Genreve_S's avatar
    Genreve_S
    2 months ago

    Hi DijanaCDG, 


    Welcome to the Community Forum. 

     

    Just to clarify, taxes are typically accounted for in the 'other expenses' section of a profit and loss statement, rather than being included as income or part of the cost of sales. However, it's important to note that financial practices can vary, so it's always a good idea to consult with a financial advisor or accountant for specific business-related financial questions.

     

    Please don't hesitate to reach out if you need any further assistance.

     

    If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

     

    Thanks,

    Genreve

     

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    2 months ago

    Hi DijanaCDG, 


    Welcome to the Community Forum. 

     

    Just to clarify, taxes are typically accounted for in the 'other expenses' section of a profit and loss statement, rather than being included as income or part of the cost of sales. However, it's important to note that financial practices can vary, so it's always a good idea to consult with a financial advisor or accountant for specific business-related financial questions.

     

    Please don't hesitate to reach out if you need any further assistance.

     

    If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

     

    Thanks,

    Genreve