Expenses showing as a negative figure on my p & l

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I can’t work out why for the last financial year, my building supplies which is obviously an expense for my business is showing up as a negative figure? Please help. It look exactly like the previous years entries but they correctly showed the expenses. I have been using reckon accounts plus for many years.
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Pat Killalea

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Posted 2 months ago

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Hi Pat

Have you double-clicked on this negative figure to view the transactions?

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com


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Shirley Ingle, Accredited Partner

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Hi Pat  When you have the P&L on the screen for last year, double click on the Building Supplies, are all the type either cheque or bill could be credit card and Journal. If you see Tax Invoice this would mean that  some Item codes have the wrong setting for Accounts. Invoices should have an Income Account in the set up.
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Pat Killalea

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Oh Shaz! You have solved it for me! Yes I have had it wrong for years ! The Building Supplies had a whole pile of Tax Invoices. I managed to work out how to change it and all past ones have been updated. So now when I look at those expenses it is a positive figure.
I wonder what that will mean for past tax returns? I had better check up. I hope it is positive for me. Thank you very much. It is such a relief. cheers, Pat
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Shirley Ingle, Accredited Partner

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Hi Pat  It may mean that you have paid more tax than you should have. It is a wonder your accountant did not pick this up. I am not a tax accountant, best talk to your accountant asap. Go back and print a P&L for say the last 3 years and compare this with your tax return. The easiest way to print 3 years on the same page is this - Reports, Company and Financial date range e.g. 1/7/15 to 30/6/18 and instead of showing Display columns by Totals only, click down the button and choose Year. You may have to click Modify Report first.  That way you have each year separately across the page. Good luck  Shirley
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Shirley Ingle, Accredited Partner

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Hi Pat  It may mean that you have paid more tax than you should have. It is a wonder your accountant did not pick this up. I am not a tax accountant, best talk to your accountant asap. Go back and print a P&L for say the last 3 years and compare this with your tax return. The easiest way to print 3 years on the same page is this - Reports, Company and Financial date range e.g. 1/7/15 to 30/6/18 and instead of showing Display columns by Totals only, click down the button and choose Year. You may have to click Modify Report first.  That way you have each year separately across the page. Good luck  Shirley
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Pat Killalea

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I'll do that Shirley.Unfortunately though it doesn't make a difference to the taxable income. I can see the 2018 P and L I sent to him a few days ago and now that I've revised it, the income is the same. What a pity! Thanks again. I still can't get over what a great help you have been. I wasn't looking forward to trying to fix it. But with your help it was super easy.
And I can't see why he didn't pick up on it earlier too. He doesn't use Reckon so I send him a csv. For some reason that I can't work out, although for many previous yeas there were tax invoices in the Building Supplies, it was only for 2018 that the expenses showed up as a huge negative.