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Alltrades1's avatar
Alltrades1
Experienced Cover User
6 years ago

GST (Cash) Report does not match Profit & Loss (Cash)

I have just prepared a GST (Detail - CASH) Report for Oct-Dec 2018 and a Profit & Loss (CASH) for Oct - Dec 2018 and it's saying I received $13636 excl. GST more than the Profit & Loss is saying. I ...
  • Steven_M's avatar
    Steven_M
    6 years ago

    Hi Alltrades1 

     

    I would agree that it does look like the relevant transaction that may be causing the difference. Although, the program is correct in what it is doing and what I would expect to occur when you do have a deposit transaction on an order.

     

    When you record an order no accounts are affected, it is only when the order is converted across to an invoice that the accounts are affected. So when you make a payment that payment is placed into a holding account situation until it is pushed across to the invoice hence the transfer from deposits.


    In terms of reporting the GST [Detial - Cash] report is looking at the actual payment transactions to determine when to report the value. This is because it is looking at the tax codes on the transaction and the actual payment transactions to determine the value. The Account Transaction [Cash]/Profit and Loss [Cash] the system does look at the transfer from deposit transaction, as this is when you have actually charged the accounts. This does mean that you do will have a difference between those reports. The only that they would be the same would be if the invoice was dated the same date as the payment.