Possible discrepancy in Profit & Loss Report

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bryanlovquist

Posted 1/07/2007 4:49:44 AM

Regular Member

Group: Forum Members
Last Login: 30/12/2011 3:51:35 PM
Posts: 31, Visits: 183

Hello

I have upgraded to version 3.1.2.

When I run the Profit & Loss Report it reports a total income which differs from the value reported by the summary account 4000 (Income) when viewed using the General Ledger Accounts maintenance functionality.

The difference is equal to the amount against account 4675 (Government Co Contributions). It would appear that Government Co-Contributions are not being included as income in the report.

Is this correct?

Regards

Bryan Lovquist

Post #3384

mysf

Posted 1/07/2007 5:25:23 PM

MySF Administrator

Group: Administrators
Last Login: 29/01/2012 4:16:49 PM
Posts: 208, Visits: 958

Hello Bryan,

The Government Co-contribution is in fact a non-taxable income account. You can confirm this by viewing the account in the General Ledger. When you select the account from the list, there is a checkbox labelled "Taxable" which is un-ticked for that particular account.

If you wish to include this in the profit and loss report, in the report tool, tick the box labelled "List non-assessable items". You will be able to see it's inclusion at the very end of the report (on the last page if there are multiple pages) under the heading "Non-Assessable Income".

If you have any further questions or queries, please do not hesitate to contact us.

Regards,

MySF

Post #3388

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