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Profit and Loss's Total Expenses is miscalculating negative expenses (refunds)
Profit and Loss's Total Expenses is miscalculating negative expenses (refunds).
I get an automatic cash back on my credit card every month, which I classify as an Expense Refund (Deposit). Running the Profit and Loss report for last month using Cash based accounting I see something like this:
* Income $1000
* Expense A $500
* Expense Refund -$5
* Total Expenses $505
* Net Income $495
It should have been $495 Total Expenses ($500 + -$5) and $505 Net Income.
I think the Total Expenses is just adding all the expense amounts and not counting the negative sign. Fell free to contact me if you need help reproducing it.
I get an automatic cash back on my credit card every month, which I classify as an Expense Refund (Deposit). Running the Profit and Loss report for last month using Cash based accounting I see something like this:
* Income $1000
* Expense A $500
* Expense Refund -$5
* Total Expenses $505
* Net Income $495
It should have been $495 Total Expenses ($500 + -$5) and $505 Net Income.
I think the Total Expenses is just adding all the expense amounts and not counting the negative sign. Fell free to contact me if you need help reproducing it.
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Hi Eric, you had me confused for a bit.
There's 3 different ways to track this cash back money coming from that credit card. You'll need to ask your accountant which way he wants this handled.
1) Mark the transaction as "Other Income", tag it as "cash back"
2) Mark the transaction as "Regular Income", tag it as "cash back"
3) Mark the transaction as "Expense Refund", tag it as "cash back" and or create a new expense category called "cash back" and mark the transaction to that.
Any of these options will allow you and your accountant to view all the money you made from these cash back transactions over the course of your business.
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Inappropriate?Eric, could you invite me to your business as a trusted member? If you haven't done that before you go to Settings/Members to do it.
Thanks.
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This solves the problem
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oh, sorry my email is eugen@lesseverything.com -
Inappropriate?Eugen Minciu:
I've added you to my company. Some details:
* Company: https://littlestreamsoftware.lessacco...
* Report: Profit & Loss
* Date Range: October 1st to October 31st 2009
* Cash based accounting
Let me know once you have the data you need so I can remove your account. Thanks. -
Inappropriate?Hi Eric, you had me confused for a bit.
There's 3 different ways to track this cash back money coming from that credit card. You'll need to ask your accountant which way he wants this handled.
1) Mark the transaction as "Other Income", tag it as "cash back"
2) Mark the transaction as "Regular Income", tag it as "cash back"
3) Mark the transaction as "Expense Refund", tag it as "cash back" and or create a new expense category called "cash back" and mark the transaction to that.
Any of these options will allow you and your accountant to view all the money you made from these cash back transactions over the course of your business.
I’m thankful
The company says
this solves the problem
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Inappropriate?It's already marked as an Expense Refund (#3) but the report is still adding it as an expense instead of subtracting it from the expenses.
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Inappropriate?We found the bug and it should be fixed in production on the next deployment (one or two days).
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