Great idea! I’ve recreated it in a test company.
Step 1. the Purchase invoice in Q1
Step 2. Reporting Tax over Q1 via Tax Summary
Step 3. Reporting P&L over Q1 to reconcile revenue Tax Summary and P&L
Step 4. Discovering Tax mistake. Posting Journal entry.
Step 5. Reporting Tax over Q2
Details of the 14,46 euro in the Tax Summary report
- The expenses are in the net sales column
- This one I discovered now, doing the recreation in TEST: the journal entry is INCLUDING tax. Whoops. So the net expenses on the journal entry is not 17,50 as I expected, but 14,46. And now I have a difference of 3,04 as well…
That leaves me with the question: how can I reverse the original expenses? I can’t follow the way Joe suggested because of the date (Managers doesn’t have reporting periodes, that would be a way out). And why is the including tax option not available on the Journal entry input screen?