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Cash Based Profit and Loss Report

Hi folks, hope you are all well.

Just need a bit of help with reports if I could.

Is there a report where I can see the profit and loss for a month that is just for payments in? I have looked at the profit and loss report but that seems to be showing everything we have invoiced also that is still awating payment. Is this doable?

Thanks,
Jamie

When you say ‘just payments in’, do you mean just paid invoices?

You could compare invoice payments in (Sales >> Payments) with all payments on receipts (Purchase >> Payments) for a like-for-like period. This would give you some idea of the cash profitability for a given period.

Sorry!! Please don’t think I was being rude and thanks for taking the time to reply. The notifications went into my Spam!

Basically what I need to see is what money has come in minus the vat over a given period. I have 2 new staff that will be paid bonuses on the monthly income of the business so I was just wondering the best way to see this figure?

Thanks,
Jamie

I’m not aware of a single report that would do that (particularly factoring in the VAT on the cash position). The P&L would only show your invoiced position.

Maybe the VAT return would suffice? You can run the VAT return on cash accounting mode and it will total all receipts on sales (box 6) and all payments on purchase (box 7).

Sorry I think I have confused matters. It doesn’t have to be a profit and loss. Just show money taken for the month (Payments In) Vat isn’t an issue either I can work that out…

If you go to the chart of accounts, look at the bank account you wish to view (e.g. 1200 Current Account), and set the date to the period you want. Total of money in, would be shown in red at the bottom (the Debit column). That would just give you a flat figure of how much came into your bank account.

I think that may help?

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As of 2018 you can now generate a Cash Based Profit and Loss report using the Making Tax Digital Periodic Update tool.

MTD Periodic Update Report

You just need to set your accounting method to “Cash” and generate a new update period, you can then view the report with the standard HMRC breakdown or segmented by nominal code.

We have now added a dedicated cash based profit and loss report for all sole trader / partnership accounts. You can find out more about this new report below:

Generate a cash based Profit and Loss report

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