Profit & Loss and GST reports don't pick up all the income

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Profit & Loss and GST reports don't pick up all the income

I am preparing the JobKeeper report for a client. I checked the banking transactions for any unallocated transactions for the month and noticed a deposit of $110,000. Ran the Profit & Loss (both cash and accrual) report for the quarter and the month to pick up all the relevant income - no $110,000; ran the GST detailed report for the quarter and the month - no $110,00; ran the summary report - you got it - no $110,000. Ran the Trial Balance and yes! - there is the income. The client does not have the invoicing feature so that can't be having an impact. There is an earlier deposit to the same account, both bank and chart, and it appears on the reports. I suspect there is a bug in the file, but as MYOB has removed the ability to email a support request, which I always found to be excellent, I am reduced to this slow and inefficient measure of trying to get an answer. Can anybody assist me with this please.

ALB

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Re: Profit & Loss and GST reports don't pick up all the income

Hi @ALB58 

 

Thanks for your post. So that we can investigate this for you can you please provide screenshots of those reports? You can send those screenshots by private message.

 

 

Cheers,
Tracey
Previously @bungy15

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Re: Profit & Loss and GST reports don't pick up all the income

As suggested I have attached the screenshots, which have been edited to remove identifying or personal data. The income discrepancy relates to Wheat sales. Look forward to hearing from you.

MYOB Income Not Reported - P&L.jpg
MYOB Income Not Reported - Bank Transactions.jpg
MYOB Income Not Reported - GST Detailed Rpt.jpg
MYOB Income Not Reported - GST Summary Rpt.jpg
MYOB Income Not Reported - Trial Balance.jpg
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Re: Profit & Loss and GST reports don't pick up all the income

Hi TraceyH,

Have you seen the screenshots regarding reports not picking up all income? I really need to resolve this.

 

Regards

ALB58

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Re: Profit & Loss and GST reports don't pick up all the income

Hi @ALB58 

 

Can I please get you to run the Trial Balance for July, August and September with FY ending 2021? Do those three reports total the amounts in your other reports for that same period?

Cheers,
Tracey
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Re: Profit & Loss and GST reports don't pick up all the income

Hi Tracey_H,

 

Here are the Trial Balance reports you requested (silly me doing FY 2020!)

 

Regards,

ALB58

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Re: Profit & Loss and GST reports don't pick up all the income

Hi @ALB58 

 

Thanks for those screenshots. Looking at the Trial Balance for July-Sept 2020, the total for the Wheat account is $11,107.25, which matches both the P&L and GST detailed report. From the Bank transactions screenshot and the original Trial balance provided it appears that the $110,000 is from July-Sept 2019.

 

Please let me know if this is not the issue.

 

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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Re: Profit & Loss and GST reports don't pick up all the income

Hi Tracey_H,

 

I was trying to make sense of everything this morning again before responding to your query. I have realised the issue is not with the numbers as I first thought, but with the naming of the Trial Balance Reports.

 

A report labelled September 2021 tells me I am working in the 2021-22 financial year, but the MYOB report itself, or the naming of it, isn't structured that way. To my mind the September 2021 Trial Balance shouldn't be showing any transactions. It is almost as though the MYOB FY is running from January to December. Whilst identifying that the TB's I sent to you were incorrectly dated, as already indicated above, I then looked more closely at the dates for the bank transactions and realised I had made a mistake with the dates, compounding everything.

 

If you can either look in to the labelling of the MYOB Trial Balance Reports with September 2020 showing the 2020-21 FY data or the structure of the report so it can be labelled correctly, that would be awesome. Now I am aware of this anomaly, I will be doubly careful when using the MYOB reporting.

 

Regards,

ALB58

 

 

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Re: Profit & Loss and GST reports don't pick up all the income

Hi @ALB58 

 

When running the Trial Balance you do need to make sure you have selected the correct financial year prior to generating the report:

tb.PNG

With regard to the actual report, it is labelled Trial Balance for Month FY ending 2021, indicating that the data is for the 2020-2021 financial year:

 

tb2.PNG

 

Please do let me know if you need further help.

 

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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