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Profit and Loss Report

SylvesterSylvester Member Posts: 2

Hi all , we are a new business on the wave platform , we invoiced our first client and we have our first bills “cost of goods sold” however our profit and loss statement doesn’t add up. Income is calculated without TAX and expenses calculated with TAX . This makes our profit lower on statement vs our actual profit . Please help

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @Sylvester,

    When creating your Sales Tax, is it possible that you didn't mark it as recoverable? That would cause your taxes expenses to calculate in this way. You can see that by going to the Sales Tax page in your Settings and clicking on the pencil icon. If that's the case, then you'll have to create a new Sales tax entirely and change all instances of your old tax on transactions and invoices to the new one.

    Let me know if that explains your situation. If you're facing a different issue, could you share a screenshot of one of those expenses, expanded on the Transactions page.

  • SylvesterSylvester Member Posts: 2

    Hi Alexia ,

    Thank you , it worked !!!!!

    edited September 21, 2018
  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Happy to hear that, @Sylvester!

    Let me know if you run into any more issues, I'll be happy to help out!

  • LAYERcLAYERc Member Posts: 9

    deleting my comment, figured it out

    edited December 25, 2021
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