Profit and Loss

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  • Updated 5 years ago
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We are new to Reckon and we are entering stock receipts into the system. If we receive an invoice for half of the receipts and the remaining receipts are pending another invoice. The pending receipts appear in the profit and loss report, it is the companies preference not to have the remaining amount owed until the invoice is matched and paid. Does anyone know why and how we can remove this?
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Pat Walcott

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Posted 5 years ago

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John G, Information Support Analyst

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Hi Pat,

Welcome to the Reckon community.

A couple of questions:

Are the stock items set up as Inventory Parts or Non-Inventory Parts?
The former will appear on the P&L when sold; the latter will appear on the P&L when received.

Are your reports set to display as Accrual - when the transaction is created; or Cash - when the funds for the transaction are received?


regards,
John
   
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Pat Walcott

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Hi John,

Manyt thanks for your reply.

Are the stock items set up as Inventory Parts or Non-Inventory Parts?  Answer = Non-Inventory


The former will appear on the P&L when sold; the latter will appear on the P&L when received. – Answer = Makes Sense (this should change once the part is marked as Inventory Parts.

Are your reports set to display as Accrual - when the transaction is created; or Cash - when the funds for the transaction are received? – Answer = Accrual Basis

 

Regards

Pat

 

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