For some reason all of my customer invoices are showing in the Profit & Loss Report under 5-22660 Sales COS. This is making my report way out of balance. I have checked the inventory set up and believe it is correct. Does anyone know why this is happening and how to fix it?
Hi brazzenfnq,
Seeing your customer invoices appearing under 5-22660 Sales COS in the Profit & Loss report occasionally happen if accounts are incorrectly assigned. Go to Items, and open each item associated with these invoices. Ensure that each Income Category for Tracking Sales is set to an income account (usually 4-xxxx code), not a cost of sales account.
Open a recent invoice and confirm the account being used for the sale line items to ensure they are directed to income accounts.
Regards,
Sai
Hi brazzenfnq
As advised by Isaiah_C this issue is usually caused by incorrect linked accounts. If unsure how these should be set, open the sample Clearwater file, even if it is an old expired file, this will show you how these should be set.
Thought I would mention the following - if you intend to make corrective changes via a general journal, go ahead and make the linked account changes for each affected item taking note of what you are changing - screenshots of the Item Profile screen are best. These will help you work out what account transaction changes are required.
If however you intend to delete or reverse the incorrectly posted transactions, I would recommend a 2 stage approach. First identify the changes required, however do not make any changes. Reverse or delete the incorrect transactions BEFORE you make any changes to the Item settings. Next make the required changes, then re-enter the transactions. This is the best way to ensure MYOB deletes or reverse the original transactions correctly.
Regards
Gavin
Hello, thanks for the quick reply. I have doubled checked an all of my inventory is set to an Income Category 4-XXXXX. What else can I check to fix this problem?
