P&L revenue doesn't match sales tax report
The total sales on my P&L does not match total of taxable and non-taxable sales on the sales tax report, any ideas to reconcile?
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aqVtFURv4r4iKgacwZ5xHE
07/13/11 7:42am PDT
Viewed by asker 07/15/11 7:42am PDT
Viewed by asker 07/15/11 7:42am PDT
3 Replies
Debbie
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07/13/11 7:44am PDT
Is your Tax report set up Cash basis and your P&L on Accrual? In other words, your Sales Tax Report shows Sales and Sales Tax based on the PAYMENTS YOU RECEIVED - not the amount of the original invoice. Make sense? I'll bet that's it.
Hope this helps. Let me know.
Debbie
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Michelle Long CPA
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07/14/11 7:46am PDT
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Look for items which are not posted to an income account -- retainage, unearned income, deposits, etc.
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