New Financial Year - Income

[LucyAB]

I have just run a Profit & Loss for the month of July in this new financial year FY2021. (We run July - Jun each year).

However, the report is not picking up all income received for the month of July even though invoices were paid in July and processed as received n MYOB on the correct dates.  

Why would this be happening?  How do I ensure all sales payments received are included and showing for the month of July?

thanks 

[Tracey_H · Accepted solution]

Hi @LucyAB 

Thanks for your post. Can you please clarify if you are running the Profit and Loss cash report (Accounts tab>>Small Business Entity) or the Profit and Loss Statement (Accounts tab>>Profit and Loss)?

The Profit and Loss Statement is the accrual P&L report and is based on the invoice date, not payment date. So if an invoice was recorded in June and paid in July, it would be reported in the June Profit and Loss Statement. The Profit and Loss [Cash} is the cash P&L report and reports based on payment date. So if an invoice is paid in July it will be reported in July regardless of the invoice date.

Please let me know how you go with this.

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

[LucyAB]

Thankyou.  I wasnt aware of the Small Business Entity function / reports and that has helped me.