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June 2019
June 2019
Solved! Go to Solution.
June 2019
June 2019
Hi @Mark299
The P&L report is an accrual report while the P&L (cash) is a cash report so they will always be different. The accrual report includes unpaid customer and supplier invoices. For example - in the accrual report you have purchases of $16K, so you have entered supplier invoices to the value of $16K, but you have only paid $4K worth of invoices which is your P&L (cash) amount.
Hope this clarifies it for you
Tracey
June 2019
June 2019
Mark,
Bungy15 gave a good explanation.
A Sole Trader can do a Tax Return on a cash basis.
My understanding is that a Company which records Receivables/Payables in MYOB cannot prepare a Tax Return on a cash basis - an exception applies to Companies that were in the STS system.
It is good that you are questioning the difference between the Non-Cash/Accural P&L and Cash P&L.
One aspect of running a business is to look at your Receivables and Payables on say a weekly basis after reconciling your Bank Account/ allocating all Bank Feeds.
.
You should determine from your Tax Agent whether the Non-Cash or Cash Basis is used to prepare your Tax Return. You could compare your Tax Return to the Non-Cash or Cash P&L in MYOB.
Duncan
June 2019
June 2019
Thanks Duncan
Much apreciated
Mark
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