Profit and Loss Report is not accurate

Problem reported by Claire Bonner 7 years ago

Currently when I run a profit and loss report it is not accurate as it includes amounts for all invoices and purchases irrespective of whether they have been paid or not . Its using the date that I create the invoice or bill not when its actually paid via the bank. How do I alter this so the profit and loss report only shows what it should show?

3 Replies

Hi Claire,

Unfortunately, this is how the profit and loss report works on ClearBooks, however, in this case, the most suitable report would be the cash flow report which can be found Reports > All Reports > Cash Flow. Please see the screenshot below:

file

Thanks, Tommy

Hi Tommy

Thanks for the prompt reply much appreciated!

I have looked at the Cash Flow Report and while all seems good this report also includes VAT so its not ideal either. So looks like I will need to combine the two reports, use the expenses from the Profit and Loss, making sure I don't create any bills and then use the revenue less VAT from the Cash Flow Report. Completely Bonkers ha ha. I really can't believe a Profit and Loss report isn't just that - it really should be called Projected Profit and Loss.

Cheers Claire

Hi Claire,

Apologies for the delay.

Unfortunately, the standard way for the Profit and Loss report is to show revenue as invoices are raised regardless of whether they have been paid or not. Understandably, cash basis accounting would suit sole traders or partners and I am afraid ClearBooks currently does not have a report that supports this. I will however suggest this to our development team which may be implemented in the future.

Thanks, Tommy

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