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Forum Guru
 
Group: Forum Members
Last Login: 12/07/2011 2:31:58 AM
Posts: 70,
Visits: 179
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| Hi Again, My accountant pointed out to me that the entry for a/c 5141 doesn't show up in either the P&L or B/S. He is happy with the ledger entry itself. When I click edit on 5141 in the general ledger account under system setup I can see that I have set it up as follows- Account type - expense A/c no 5141 A/c Land Tax Parent Number 5100 Rollover to 3505 Profit and Loss After that I have nothing ticked in the boxes Taxable, Asset or Member. Should that be the case? How do I get the Land Tax to show on the P&L? Regards
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
It sounds like you have added the account correctly. Because it is an expense account you should expect any postings to show up in the P&L. The Balance Sheet contains asset, liability and equity accounts only.
Please check the account to make sure that you have posted an amount to it. You can do this through System Setup > General Ledger. Select the account and double click on it, or select the account and click on the View Account Activity link at the bottom of the list. You should see a small window pop up with all of the lines that have been posted to this account. If there have been no postings then there will be a message to advise you of that.
According to your description the account is set as non taxable. For an expense account this means that the expenses posted to this account will be regarded as non tax deductable. Such expenses are shown as a summary item at the bottom of the profit and loss account, under the heading "Less: Non deductable expenses: ".
You can also opt to list non-assessable income and expenses by ticking the 'List non-assessable items' box on the Reporting > Report Tool > Financial > Profit and Loss screen.
Please let us know if this helps.
Regards,
MySF
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Forum Guru
Group: Forum Members
Last Login: 12/07/2011 2:31:58 AM
Posts: 70,
Visits: 179
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| Thanks, That should be tax deductible. What's the simplest way to correct the account? Regards
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Please go to System Setup > General Ledger, select the account and then click on the 'Edit account' link at the bottom of the list of accounts. Tick the 'Taxable' box on the small screen that pops up and then click on Save and then click on Exit.
You should find that the list of accounts gets reloaded on the screen in front of you.
To check that all of this has worked go to Reporting > Report Tool and run a Profit and Loss Report with the 'Show detail' box ticked. You should find that the account is shown under 'Expenses' rather than 'Non Assessable Expenses'.
Regards,
MySF
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