Profit and Loss

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navasblue
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Profit and Loss

Hello - is there a way i can enter data that will not effect the monthly profit and loss statement.  to explain i enter invoices in myob then i deduct retention from that invoice when it is paid  and then generate a retention invoice. this changes the P & L monthly statement.  is there a way i can enter retention amounts from invoices please.

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MYOB Moderator Steven_M
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Re: Profit and Loss

Hi @navasblue

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge

AccountRight will report all values that does go to a Profit and Loss accounts (Income, Expense and Cost of Sales) on the Profit and Loss accounts. If you wish to have a value that is not intended to be reported on the Profit and Loss you will need to record the transaction going to a Balance Sheet account (Asset, Liability or Equity account).

So in your case if you are wishing for that retention amount not to be calculate as part of the Profit and Loss you would need to record that transaction to an Asset, Liability or an Equity account. An accountant would be able to assist with selecting the best account for your needs.

Do let us know how you get on and if you require further assistance.

Kind regards,
Steven

MYOB Community Support

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navasblue
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Australia
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Re: Profit and Loss

thank you for your help. 

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