• From: Canada
  • Registered: 11/05/2013
  • Posts: 9

Topic: Inventory Purchases not showing on Profit and Loss Statement

We just ran FA for the first month in November, and we just looked through the profit and loss statement.
for the most part, all looks good, but we do not see the inventory purchases we made, therefore the Calculated Return is overstated.

How do we get this onto the report?

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: Inventory Purchases not showing on Profit and Loss Statement

We do not normally give support on axcounting issues, but this is because the inventory account is based on a balance account, and therefore is showing on the balance sheet. Please talk to your local accountant about this.

Joe

  • From: Pakistan, Lahore
  • Registered: 06/25/2013
  • Posts: 26

Re: Inventory Purchases not showing on Profit and Loss Statement

Quantity purchased amount is depend upon your accounting setup which you have set while opening inventory item code, please check your accounting at the time of GRN (most probably your purchase amount goes into current asset(inventory/stock), you may be need to make stock adjustment for showing true margin/profits for your business.

Regards,
PHPDV

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