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donpaton
July 29, 2021
Question

Difference between profit and loss revenue and GST report revenue

  • July 29, 2021
  • 1 reply
  • 0 views
why is there a difference between GST sales revenue and the actual revenue

1 reply

T
Tammy_H
July 29, 2021

Hi donpaton,

 

Thanks for reaching out to the QuickBooks Community with your question. QuickBooks Online has various reports that are a great way to stay on top of your finances. I can explain why your Profit and Loss Report has a different total from what you see in your GST report.

 

When you record transactions in QuickBooks Online, you choose a Sales Tax code. Any time you choose a Sales Tax, your transaction will be recorded in the tax center, which appears in your tax reports. When you select Out-of-scope or Exempt, these transactions aren't included in the tax center. 

 

Your Profit and Loss Report takes the total amount of all transactions regardless of tax or transaction type. Your total revenue from your Tax report is included in your Profit and Loss, as well as all the transactions that don't include taxes.

 

If you have any questions about this, reach back out. Have a terrific evening!

B
beryltolbert
August 18, 2021
@Tammy_H wrote:

Hi donpaton,

 

Thanks for reaching out to the QuickBooks Community with your question. QuickBooks Online has various reports that are a great way to stay on top of your finances. I can explain why your Profit and Loss Report has a different total from what you see in your GST report. friday night funkin

 

When you record transactions in QuickBooks Online, you choose a Sales Tax code. Any time you choose a Sales Tax, your transaction will be recorded in the tax center, which appears in your tax reports. When you select Out-of-scope or Exempt, these transactions aren't included in the tax center. 

 

Your Profit and Loss Report takes the total amount of all transactions regardless of tax or transaction type. Your total revenue from your Tax report is included in your Profit and Loss, as well as all the transactions that don't include taxes.

 

If you have any questions about this, reach back out. Have a terrific evening!

Thank you for your clear answer.

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