Hello,
Hoping you can help me.
When I reconcile GST Summary accrual Sales, I take the (GST $amount divided by 1.1) plus other sales values on the GST summary report, it balances with the P&L, total trading income + Other Income .
However when I try with the purchases , the figure doesnt balance with total cost of sales + total expenses. Am I doing this wrong?
Hi KT100
Sorry to see that no one has replied to you yet. The first step I recommend to do is clear the browser cache which can resolve some odd behaviour in reports: Clearing the AccountRight Cache.
If that does not resolve your issue could you please attach both reports in your reply so I can have a better idea of whats happening on your end?
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Hi Samara
thank you for responding. I have attached a file which I hope helps. I am just trying to figure out where the sales / purchases figures come from on the P&L. Sales I now understand. Hopefully you can help me understand the Purchases figure. See my attachment.
Karen
Hi Karen (KT100)
Thank you for providing additional information. The Profit & Loss report is designed to give total activity against your income, cost of sales, and expense accounts. If any expenses have been allocated to your GST account, for example, they will appear in this section, but not show in the GST Summary report, because the reports are looking at different information.
I recommend checking what transactions have been put against the account by running the General Ledger Detail report. There are a few things to look out for, but here is our help article with detailed steps on what to look for: Receivables, payables or inventory out of balance.
Hi Samara
thank you for your response.
the out of balance seemed to have occured back in 2013 from what I can see.. and my accountant has little no time to be worrying about a -$72.13 balance and he says its just not worth the time. He looks at the AR diff end June, but it doesnt take into account the old 2013 figure, so its constantly an error in company auditor.
What journal entry do I enter to get it back to zero.. and I can start afresh.
Karen
Hi Karen (KT100)
General journals are usually entered by or in consultation with your accounting advisor, so I recommend checking with them first or ideally ask them to record it for you.
If thats been doen and you are ready to record it, here is our Help Article with steps on the process: Recording a journal entry.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
