Profit and Loss figures are incorrect

Hi, I have version 20.2.4 and I am having trouble figuring out why my P&L is not correct.

Example Invoice:

SUB TOTAL - $654.55 (which should be the amount showing in the P&L)
GST = $65.46
TOTAL = $720.01 (cannot for the life of me get rid of the .01 cent! any suggestions would be great)

P&L Breakdown shows the amount as $648.01 when it should be $654.55 as above.

Tax calculation report seems to explain where the error is coming from…total sales says the GST is $72 when it should be $65.46. It is calculating 10% as if the Total Sales is the Sub Total rather than the Net total.

All reports are set to ‘Cash Basis’

can someone please help ?

many thanks!

Can you upgrade to the latest version? Then demonstrate using screenshots?

Also, have a look how the figures show on accrual-basis since cash-basis won’t necessarily match your invoices. This is because cash-basis works on principle when payments are made rather than when invoices are issued.

Well, the calculation is correct: $654.55 * 1.1 = 720.005 which is rounded to 720.01.

If you want your invoice total come to $720, then type that amount on line item and check the box Amounts are tax-inclusive. This will ensure your invoice total will be $720.

ok I will update and let you know how I go

Oh thank you that has worked!!! Sorry I briefly looked at the site and thought I was up to date.

Thanks again!