I was wondering, why is it on the dash board, lets say, our bank account shows it has £124 in it… but when i look at the profit and loss sheet, it shows only £70 profit. - This doesnt add up or make sense to me, or am i making a novice mistake?
Profit and Loss is based on invoices sent and received, nothing to do with your cash position. So if you’ve raised one sales invoice for £100 and a purchase invoice for £40, your profit and loss will show a total profit of £60.