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JW007's avatar
JW007
User
3 years ago

P&L Reports & GST

Hi,

 

Does anyone know why when generating P&L reports its shown ex GST?

 

How do I change it to include GST?

 

Thanks.

 

Jason.

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  • AlanT's avatar
    AlanT
    Ultimate Partner
    3 years ago

    Hi JW007 

     

    If your business is registered for GST, then the PnL should be exclusive of GST.

     

    GST is collected on behalf of the government and is therefore not part of your turnover.  As you receive a credit for any GST you have paid with your purchases, it is also not an expense.

     

    Best regards,

     

    AlanT

  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User
    3 years ago

    Hi

     

    when you buy or sell something with gst on it there are two components to the entry

    the expense or income component and the gst component

     

    the expense or income is coded to the gl account in the p&l and the gst is coded to the balance sheet as it is treated as a liability/asset - in myob it is treated as a liability account

     

    gst is a ato transaction that a business accounts for on their behalf . A very basic explanation but that is why your p&l excludes the gst

     

    hope that helps to explain why

     

    lisa