the company bought in the relevant period 01/08/2022 - 31/07/2023 goods for £ 31,158.33 but the P&L shows only £ 4533.58. Even if the invoices were incorrectly tagged the sum Cost of Sales = £ 12,008.03 plus Total Expenses = £ 3,567.16 does not match £ 31,158.33.
Where did we go wrong?
Hi @mkro43
Welcome to QuickFile!
Is it just the case that the figures are different from the invoice itself?
If you view the purchase invoice, you can go to Options > View nominal ledger entries. This will break down how the values are allocated on the P&L or Balance Sheet.
For example, VAT will show on the balance sheet, but General Purchases will show on P&L.
You haven’t offset your purchases against your sales in error have you?
Need more data to help out…what is the data that relates to £31,158.33 ?
You really need to print out and examine the trial balance, P & L and Balance Sheet
We downloaded the entire purchase orders for the year 01/08/ 2022 - 31/97/2023 and summed the total in a series excel files and tallied the results.
It appears from the record analysis that the purchase orders had been posted wrongly to stock rather than purchases. We are still investigating and revert tomorrow
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