I am still testing the program. It appears the P&L are being reflected incorrectly if I compare the reports P&L and Receipts.
I tried to check all transaction, but can not find anything wrong.
The amount received should have reflected on the P&L report as R 92,412.32
My understanding is Accrual reports depend on invoices and cash sales not payments
I am not referring to payments.
Invoices should = Receipts and again it should = Income is that not so? This is my understanding.
In accrual accounting, income / expense are recognised when invoiced not when the invoice is paid.
In cash based accounting income / expenses are recognised when paid not invoiced.
Yes eventually if there are no bad debts, but typically these events occur at different times. Which date matters for your reports depends on what accounting convention you are following.
Yes, but I cannot see why there should be a difference of R 111 difference between the P&L statement and the Invoices and Receipts. Invoices and Receipts are balancing.
You need to show the edit screen of the transactions and not the view list
Thank You I will do that
You should not have Vat code on your receipt.
The Vat is already accounted for, or should be, on your invoices
You income does not include the Vat - this is money collected by your business and owed to the tax authorities.
Show the edit screen of the sales invoice
VAT is charged on invoices only not on receipts relating to these invoices
I have changed the VAT on the Receipts, but it did not make a difference on the P&L totals.
You did not show in your screenshots if you have Tax inclusive checked…
Yes the Tax Inclusive Checked.
It takes the Vat due to the Taxman or Due to me to the correct account as well.
What version of Manager are you using? I thought the current version did not support tax codes on payments to accounts receivable.
Profit and loss shows the VAT exclusive prices.
Payment transactions to accounts receivable and receivable are not relevant in Accrual based accounting.
It is not clear what you think is wrong.
You need to show the edit screen of the transaction that is not appearing in your P&L
And the list of transactions that do appear by drilling down on the total
Then we can tell you what you are entering incorrectly
On the P&L report the Income total is R 92,300.39.
The Receipts Paid to me as invoiced from the customer is R 92,412.32.
I have already uploaded the edit screens of the invoices and the receipts.
I can not figure out or trace why there is a R 111.00 Difference.
Click on the report values → Manager will then show you how the numbers are derived
not related to payments for accrual accounting
