Forum Discussion

jennifer6's avatar
jennifer6
Contributing User
5 years ago

Sales figure in reports not matching profit and loss

Hi, I am really hoping someone could explain this to me as I am not sure if this has been done correctly.   We have been doing a simplified version of just spending and receiving money.   When we...
  • Tracey_H's avatar
    Tracey_H
    5 years ago

    Hi jennifer6 

     

    How are you recording that bounced back amount, as a negative Receive Money or a Spend Money? As the type of transaction will determine where it appears on the GST reports, if you are recording it as a Spend Money transaction it will be appearing in the Purchase Value column in the GST summary report. 

     

    If you are recording it as a negative Receive Money transaction it should be reducing the Sale Value figure in the GST summary report.

     

    Please do let me know if you need further assistance with this.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Maddie_G's avatar
Maddie_G
Former Staff
5 years ago

Hi jennifer6 

When you processed the $4000 of credit which tax type have you used on those transactions?
Also is it Essentials you are using? 
Sorry it might be obvious but what are you referring to when you said 'dr sales'? assuming 'cr bank' is credit bank 

  • jennifer6's avatar
    jennifer6
    Contributing User
    5 years ago

    Hi Maddie,

     

    For all sales are actually sales gst free that we are talking about so yes gst free. I am using account right at the moment. 

     

    And dr sales means dr sales income(which previously was recorded under sales income account) and yes cr bank account.

     

    • Tracey_H's avatar
      Tracey_H
      Former Staff
      5 years ago

      Hi jennifer6 

       

      How are you recording that bounced back amount, as a negative Receive Money or a Spend Money? As the type of transaction will determine where it appears on the GST reports, if you are recording it as a Spend Money transaction it will be appearing in the Purchase Value column in the GST summary report. 

       

      If you are recording it as a negative Receive Money transaction it should be reducing the Sale Value figure in the GST summary report.

       

      Please do let me know if you need further assistance with this.

       

      If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

      • jennifer6's avatar
        jennifer6
        Contributing User
        5 years ago
        Hi Tracey_H ,

        I have been recording it as an expense because under the bank feed and on withdrawal side, you can only do spend money and not receive money. 

        Can you advise how to do that from the bank feed itself?

        Thank you!

         

         

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.