Profit and Loss income statement different to BAS income (G1)
Michael_10260367
Member Posts: 3 ✭
Hello,
I've just started using Reckon One. After running my first Profit and Loss report it shows a much higher amount (which is correct) than shown at G1 on my BAS report for the same period. I've checked that all transactions in the income accounts have the tax code "FRE", being a health service provider.
For some reason the BAS report is not showing my correct income. Please help.
I've just started using Reckon One. After running my first Profit and Loss report it shows a much higher amount (which is correct) than shown at G1 on my BAS report for the same period. I've checked that all transactions in the income accounts have the tax code "FRE", being a health service provider.
For some reason the BAS report is not showing my correct income. Please help.
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Comments
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If your GST reporting basis is cash, and the profit and loss report is on accruals, you would expect the sales figures on the two reports to be different.
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Thanks for your reply, Tanya. Both the BAS (in "General" and "tax setting") and P/L reports are set to cash. Any other thoughts most appreciated.
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It was a tax code issue after all. Joydeep Singh, from the Reckon One team, got back to me and pointed out that I wrongly attributed payments to the ATO as FRE instead of NCF. I trust this helps you.
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