why aren't these the same, and which should I report as my gross
receipts on my taxes? 'received payments all customers' vs 'profit and
loss gross profit'. I am using cash basis for both, same time period.
The received payments is larger and I can't figure out why, it's not
sales tax. IT seems to me these numbers should match as they are both representing all income into the company. What would cause these to total differently?
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Use your financial statement (the Profit and Loss) for tax reporting.
Sales are related to income, but include things that aren't income (like sales tax) and there is income that is not sales (like interest income.) Payments are even further from income than sales, as you can receive payments in the absence of a sale (in theory), for more or less than the sale, and for things that are not sales.
"OK for anyone else seeing this issue"
I think you are describing that you realized the Items are "netting" in your accounts, and you are not seeing your true Gross Income separately from Gross Costs, as a result of not setting up the items to flow the data to meet your needs for that separation.
I have attached what it looks like to set up and use Two Sided items. I also attached how items link to accounts, and the Job Reporting you should see, to confirm that Expense and Income match across P&L (Account-based reporting) and Job Reporting.
" 'received payments all customers' vs 'profit and loss gross profit'. I am using cash basis for both, same time period. The received payments is larger and I can't figure out why,"
There are a lot of possibilities to explain differences.
"Back when my company was a lot smaller, I just totaled all the money paid to me and used that as my gross profit,"
I think you mean, Income.
Do you use only invoices, or do you also use Sales Receipts? Receive Payments is only Invoice payments.
Do any of your Items that are charged to customer NOT link to income accounts?
Where do you find a report that is "Received Payments all Customer?" I don't even see that in the reports.
Do you sell Inventory? You will see Gross Income reduced by this as a Cost of Goods sold (direct expense) to see Gross Profit.
Taxes rely on Gross Income and you also report COGS, if you sell Products.
That report (Received Payments all Customer) is in my customer center, under transactions, really useful report for me, along with the others in there! I agree it's tucked away and should be listed under 'reports' as well.
I do not sell inventory, or have COGS, I am only labor, that's why I also do not have sales taxes.
Thanks for your input.
"That report (Received Payments all Customer) is in my customer center, under transactions,"
That is not a Report, though. Reports are found on the Reports Menu.
You are describing a Print out of that List; that is Customer Center, selecting the Transactions Tab instead of By Names, for the perspective. Then, selecting a specific Transaction Type to print that as a Listing, or VIEW as a report.