profit and loss report not suitable for income tax purposes
Problem reported by phil4v19 9 years ago
I have previously used quickbooks and I use their profit and loss report to extract figures for my tax return which are accurate. However on trialing clearbooks and viewing the P&L report I found the figures to be different (ie not correct) It displays the cost of all stock bought in the reporting period not just the cost of the stock that relates to the items that have actually been sold
Could an accountant please reply and clarify this.
thanks
Phil