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TheRob's avatar
TheRob
Experienced User
19 hours ago

GP based on GST excl. sell and GST incl. cost

Have I done something wrong in my MYOB setup?

When I look at Business Insights Item Profit margin it shows the Sell Price excluding GST, but the Buy price is Inclusive of GST. The screen shots below all relate to the same product.

If I buy this product for 74.569 including tax, that means it’s 67.79 excluding GST

If I then sell it for 97.20 + GST my GP is 29.41

According to my calculator that means my % profit on sell price is 29.41 / 97.20 = 30.26%

According to MYOB I have made 22.631 profit which is 22.631 / 97.2 = 23.3% profit.

 

Can MYOB be setup to show GP exclusive of GST?

As shown in Business Insights - GP is based on GST inclusive cost and GST exclusive SellCost price includes GSTSell price excludes GST

 

 

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