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Sales figure in reports not matching profit and loss

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jennifer6
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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 receive money in from the sales we would dr bank and cr sales income.

When someone returns the sales or money bounced bank, it would be cr bank dr sales income.

 

For instance, I have a total sales of $50,000 and sales income bounced back totally $4,000.

When I run my GST report it will shows a total sales of $50,000 but in my profit and loss, it shows $46,000. (which is basically the adjustment of cr bank and dr sales income.)

 

However, this sales figure in the GST report is not reflecting the returns of $4,000 and everytime I am to lodge the BAS I need to manually deduct the $4,000 from the GST report.

 

Anybody could advise on a better and correct way of accounting it? As mentioned, I am only using spend money and receive money so no invoice or sales return,etc.

 

Many thanks.

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Maddy2319
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Re: Sales figure in reports not matching profit and loss

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
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Re: Sales figure in reports not matching profit and loss

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
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Re: Sales figure in reports not matching profit and loss

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.

Cheers,
Tracey
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jennifer6
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Re: Sales figure in reports not matching profit and loss


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
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Re: Sales figure in reports not matching profit and loss

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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