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.

jennifer6's avatar
jennifer6
Contributing User

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!

     

     

  • jennifer6's avatar
    jennifer6
    Contributing User
    5 years ago

    Hi Tracey_H 

     

    I have tried again and manually entered it and match it with the bank feed again and it works!

     

    Many thanks!!!!

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