I have just run my first P&L report and none of the Fixed Asset purchases for my business appear so it looks like I am much better off than I really am. Is this normal? If so how do I run a P&L report that shows ALL my purchases for this current tax year?
Fixed assets appear on the balance sheet rather than the profit and loss.
If you have a look at your Balance Sheet report, it should appear under there.
However - I can’t advise on whether an item should be accounted for as an asset, so it may be worth double checking that with your accountant.
I hope that helps!
How come everything on the balance sheet and P & L sheet add up perfectly if fixed assets aren’t part of the sum on the P & L sheet?
I can’t work it out?
I’m not entirely sure what you mean here?
Fixed assets always go on the balance sheet, never on the P&L.