Forum Discussion

PotsandPlants's avatar
PotsandPlants
Cover User
3 years ago

P/L Reports are not matching my GST reports for Sales

Hello,

 

I am trying to complete my EOFY tax but my P/L sales figures are not matching my GST figures that I have reported on my BAS (I have verified my sales figures that are reported on the BAS are correct)

 

Just looking for some help to rectify it..

  • CloverQ's avatar
    CloverQ
    Former Staff

    Hi PotsandPlants 

     

    The P&L report looks at transactions posted to the income and cost of goods accounts, while the GST report runs the sales figures based on the tax code used in a transaction. If there are transactions coded to other type of accounts while using GST tax code, or transactions with the correct income/cost of sales account entered but wrong tax code used, they can cause difference between these 2 reports. 

     

    Additionally, both can be run on Cash basis or Accrual basis, please make sure both reports are using the same accounting basis before comparing.

     

    I'd suggest running both reports on smaller periods, e.g. month by month until you can locate the period the difference ocurred, then look further into the transactions recorded in that period.