The money coming in shows as an expense (see receipt from client) and the money that is an expense (see training costs is showing as credit). This means that in the Summary page my business is showing a net loss instead of net profit
Can you show edit screen of one of those transactions?
The first image is an expense. As I’m using the free version, I’ve called all of my training expenses as ‘Motor Vechile Expenses’. The second one is a receipt. My time that people paid for is ‘consult’ in first column and sales is the supplements I sell.
It is difficult to see but it appears that the screen shot in your original post is from drilldown on the Suspense account. This means that the Suspense account has many more entries than those shown in the screenshot as it has a balance of $8,933.12
The balance of the Suspense account should be zero for the summary to report correctly.
All the entries in the suspense account need to be edited to complete the blank fields as can be seen in your later screenshots. That is: the Paid by field, and the payee field in the expense claim entries and the Received in field in the receipt entries.
Likewise, all receipts and payments must select a cash or bank account.
Yes - this is the only logical explanation.
Thank you. I have been attempting to rectify this. As I’ve put my business name as the receiver for every individual receipt and I’ve been puting my own name as the paid by on every expense entry, the only change I can see is that Suspense went up $3000 rather than going down and there are now $1700 or so worth of liabilities?? These expenses are not liabilities if I’ve already paid them in my understanding. Suspense is now going down. I don’t know why. I don’t think it’s from the receipts putting in my business name as the recipient, I think it’s from me putting in my name as the payer in the expenses. There’s still something not right. Keen to fix it before I continue the entry of the above.
This is answered by:
It is very strange that you have created zero payments and many Expense Claims (304).
Looking at this it appears to me that you are using Expense Claims when you should be using payments. Read the Manager Guides to make sure what you are doing is appropriate to your situation.
All Receipts and Payments need to be directed to either a Bank or Cash Account.
Your reports will never be correct until all entries are cleared from the Suspense Account and it shows a zero balance