Purchase in Profit and Loss statement
Hi Experts
I have run profit and loss statements under both cash and accural methods. The purchase amount shows a big difference. I checked purchase in find transaction, the frigure there is the same as P&L under accural method. But I noticed there are some figures in credit column, but those are not return of purchase, but a normal purchase transaction and sometimes a sales transaction.
I have read some of the previous posts and answers, and found it may relate to the inventory. We do not require to track inventory in MYOB, when enter a new part number, I select "I sell this item" or "I buy this item" then track them under 4-1000 sales or 5-1000 purchase, without selecting "I Inventory this item". Does this create any problem in report the correct COGS figure?? How should I record purchase to make sure my reports are accurate?
Also from an order form, do I need to do "receive item" first before change the form into "Bill"?
Thanks in advance
Hi KellyWei
If you are in the Find Transactions window it will show you the transaction that is recorded, you would be able to click the arrow of that transaction to see the relevant transaction relating to that. If you want additional information into the accounts and amounts involved in that transaction you can recap it (Edit>>Recap transaction) or depending on the transaction view the transaction in the Transaction Journal.In terms of the Profit and Loss reporting, if it was me I would be looking at running the Account Transactions [Cash] report and comparing that with the Account Transactions [Accrual] report. These reports will show you the individual transactions against each account. If a transaction is not included on the one report but is on the other it is likely the cause of that difference.