I am using Reckon accounting Accounts 2014. I am doing the books
for my electrician husband’s business.
I have set up an expense account called Material Cost.
I use this when entering items in the inventory (see attached) & when I add a cost for a job on suppliers invoice (See attached).
The inventory is only used by my husband to know when to buy frequently used parts.
By adding the job under the expenses tab on the suppliers invoice allows you to see that cost when you press “add time/costs” on the customer’s invoices (see attached). We use this only as a guide to charge the customers for the parts used.
So far so good.
However the problem is that all these actions appear on & affect the profit & loss report (see attached). Hence the profit & loss does not match the amount/balances for the business i.e. our bank statement. I think this affect the BAS report & we cannot use the profit & loss amount to do the sole trader tax return.
As you can see it lists multiple entries. The ones with the customer’s name & the line under are when I add the job to the suppliers invoice & minus it out of Material cost again. No problem as the balance is then zero.
The others, I think are for each time the “add time/costs” on the customers invoices is pressed even if you delete the items off the invoice.
I would like to either:
Set things up so I can still use material costs as I do now but it does not appear on the profit & loss or affect anything else.
OR
Delete the extra lines out of the material cost BUT when I open material cost from the chart of accounts list only report appears but nothing that I can delete the extra line out of.
I hope I have explained this enough.
HELP
