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lynneatkinson17-
May 23, 2023
Question

How do I enter my daily sales when on the flat rate scheme please?

  • May 23, 2023
  • 1 reply
  • 0 views
My accountant has picked up that my sales on my profit and loss are the gross figures but should be the net. How do I do this when using the Flat rate scheme?

1 reply

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emmam6
May 23, 2023

Hello Lynneatkinson17- Thanks for reaching out about sales not showing correctly on the p and l report.Are you entering the sales as sales receipts or invoices at the moment? Do you have any deductions on the transaction itself for example? Could you post a screen shot of an example of one of the transactions so we can take a look? Thanks

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lynneatkinson17-Author
May 23, 2023

Hi

Entering as a sales receipt. Re photo example. The £100 is showing on the profit and loss and my accountant says it should be the net figure so I presume £87.50?

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emmam6
May 23, 2023

Hello Lynneatkinson17- Looking at the screen shot the reason the report is showing that way is you have the amounts set to exclusive of tax. If you corrected that and changed it to inclusive and the amount to represent the inclusive amount. It would show the net figure on the p and l. If you want to try that and test it on the p and l and get back to us here if you have any questions. Also, we just want to advice that as long as you have FRS in the settings turned on which we can see that you do, then you would use the standard 20 percent code on the invoice, you will still see the estimated FRS amount below balance due and it will work correctly on the tax return as you have the FRS 12.5 selected in the tax settings itself. We hope that helps.

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