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Profit and loss statements
Hello MYOB community I printed my profit and loss statement for the year and it showed a profit of $61K yet when I printed the profit and loss (cash) it had a different number in the overall sales, and all the other figues did not match and I had a profit of $21K All the items in the expenses section were the same it was only the area of Income and cost of sales that was different. All the items are entered the same way and we do not deal in "cash" at all. In the "cash" version there was an area called "raw material expenses" and this is not in the profit and loss report at all. Similarly in the profit and loss statement it had purchases at $16K yet in the profit and loss (cash) it was only $4k If anyone can explain the differences I would appreciate it. Thanks Mark
Hi Mark299
The P&L report is an accrual report while the P&L (cash) is a cash report so they will always be different. The accrual report includes unpaid customer and supplier invoices. For example - in the accrual report you have purchases of $16K, so you have entered supplier invoices to the value of $16K, but you have only paid $4K worth of invoices which is your P&L (cash) amount.
Hope this clarifies it for you
Tracey
