Home – New Forums Money matters Profit and Loss and GST

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  • #970733
    Suzie26
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    Hi,
    I have just opened a small business, contracting out my services as a computer programer.

    When I look at my P&L statement it is reflecting my revenue figure inclusive of GST. Is this correct, I did not think that GST was part of MY revenue

    Thanks

    #1045768
    akagrp
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    Hello Suzie

    The Profit & Loss you should be viewing in Exclusive of GST, you are correct the GST Collected and Paid does not form part of your Profit & Loss

    What accounting package are you using, it sounds like Quickbooks to me

    In the report options select GST Exclusive

    Feel free to contact me if you have issues with accounting package or not sure where to go to change settings

    #1045769
    Alan Maddick
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    If you are registered for GST then as you say all P&L Figures should be excluding GST, it is likely that your bookeeping package is not set up properly with the right GST codes.

    Get your Accountant or bookkeeper to have a quick look

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