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.
Forum Discussion
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
