I am having one issue with the discrepancy between p&l and the balance sheet.
It is coming from the fact that I have imported (and paid for) some foods. They have been purchased in another currency. On top, some local charges (VAT, Tax, transport etc.) were imposed after the delivery.
It all looks good from the booking perspective, as I have separate sub-accounts for all the cost items. However, since there were quite significant orders arriving recently, the P&L is showing a loss at the end of the year.
I know that I could allocate them to the Inventory field under assets in the balance sheet. I can easily move the “purchase invoice” entries to the “inventory” account. They are still the netto values, so I also tried inserting a separate entry in the Inventory field corresponding to cost attached to every shipment. I would then process an incoming payment of the amount updated under Inventory to “purchase cost” account - to balance the pre-paid charges. In this case however, I am also getting a separate entry under “Retained Earnings” / Equity.
Is there any way of inserting bought goods with full costs attached on the balance sheet part, so we could move them as assets to the next year, without influencing the P&L part?
Thank you in advance,