Help! I am trying to prepare my taxes!
As I was preparing my profit and loss statement for the last financial year to give to my tax accountant, I noticed a new Income category “Work in Progress - Movement” appearing in both my Summary (Income) and my Profit and Loss Statement. I have no idea where this category came from as I didn’t create it myself, but it appears to be referencing work which has been entered into the system as billable time but not yet invoiced.
When I inspected the 30 entries categorised as Work in Progress - Movement, 28 of the entries have in fact been invoiced and payment received. Only 2 entries were actually awaiting issuing.
When I looked back at my Billable Time, I found that entries which has on previous days been showing as Invoiced were suddenly showing as Un-invoiced? This is not something I have actioned (to my knowledge). I attempted to edit each listing to Invoiced, but Manager would not allow this; it would only allow me to Write Off. I wrote off the 28 entries which I know have been billed.
My current Summary page now correctly shows the right balance for work in progress - unbilled, but my P/L statement for the 14/15 financial year has not altered. This creates a serious issue for me as it inflates/misrepresents my earnings, essentially representing those 28 entires of billable time in both the Work In Progress - movement category as well as the correct category that were assigned to!