P/L Reports are not matching my GST reports for Sales

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PotsandPlants
4 Posts
Cover User
Australia
Cover User

4Posts

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P/L Reports are not matching my GST reports for Sales

Hello,

 

I am trying to complete my EOFY tax but my P/L sales figures are not matching my GST figures that I have reported on my BAS (I have verified my sales figures that are reported on the BAS are correct)

 

Just looking for some help to rectify it..

1 REPLY 1
CloverQ
9,085 Posts
Former Staff
Australia
Former Staff

9,085Posts

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Re: P/L Reports are not matching my GST reports for Sales

Hi @PotsandPlants 

 

The P&L report looks at transactions posted to the income and cost of goods accounts, while the GST report runs the sales figures based on the tax code used in a transaction. If there are transactions coded to other type of accounts while using GST tax code, or transactions with the correct income/cost of sales account entered but wrong tax code used, they can cause difference between these 2 reports. 

 

Additionally, both can be run on Cash basis or Accrual basis, please make sure both reports are using the same accounting basis before comparing.

 

I'd suggest running both reports on smaller periods, e.g. month by month until you can locate the period the difference ocurred, then look further into the transactions recorded in that period.

Kind regards,
Clover

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