Our year end was 31 March 2020. I have noticed that invoices that were put on the system before this date, but paid in April & May do not appear on the profit and loss. They show up on the dashboard for April & May as money received, but not when you run the Profit & Loss report. Can anyone explain this?
you’ve answered you own question.
31 March was your tax year end, therefore they will be on last year’s profit and loss, not this years.
Run the report again, with last years dates.
Hi @tapbox
Reports on QuickFile (such as Profit and Loss) are on an accrual basis, so the invoice date is used rather than payment date.
The exception to this is the “received” total on your dashboard, which refers to your cash received.
Many Thanks, Will check again.
Hi Mathew, Does this apply if you are set up for cash accounting?
Hi @tapbox
QuickFile doesn’t support cash accounting unfortunately, only for VAT.
If you are on cash accounting for VAT purposes, then providing it’s set that way, it will use the payment dates. Apologies for missing that out in my initial response!
Thanks for the response.
Morning @tapbox
You may be interested to know that there is now a dedicated cash based profit and loss report that you can use to calculate your net profit on a cash rather than invoice basis.
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