Net profit does not match balance of accounts?

Accounting
1

Hi Guys,

This may be a stupid question, but I’ve just been checking the tax report (I like to keep my eye on it) and it says my net profit, which is great. However, as I am a start up company I haven’t drawn any money out of the company, apart to pay back the directors loan to myself, which I input into the company when I started it, from my personal account funds. The balance across all my accounts, does not match the net profit before tax, it is out by a couple of hundred pounds.

Could any one shed any light on this, is there something I maybe am not taking into account?

I know the question is a bit vague, but will provide more detail when required. I’m rather confused. Until recently, everything added up.

2

Hi @sitewideuk

I just want to confirm the situation - you’re looking at the tax summary, but the net profit showing, doesn’t match your profit and loss report. Is that correct?

3

Hi, Thank you for your response.

I’ve figured out the problem, It is to do with some purchases before my incorporation. I need to move the dates forward to the incorporation date as they are not showing as expenditures in the report.

Sorry, its been a long day.

1 Like
4

Glad you found the problem!

Please let us know if you need any further help.