Hello,
I am trying to understand the reporting part and trying to figure out my net
profit. First I pull up my monthly "Cash Flow" report which shows all incoming
money into my bank account andit shows all expenses taking out of my bank
account (assets).
Then there is the Income and Expenses report. This report shows "Income" which
doesn't add up to the actual income, so I assume it's "Charges" instead, right?
(I had some client's only paying half their balance at the time of the
order).Then it shows expenses which seem to be all actual expenses, BESIDES
some expenses from a liability account.
Let me explain:I just bought this business a few months ago and because of
circumstances I could not order a product directly from a particular vendor as
my new account was not setup yet. Instead (with the previous owner's
permission) I ordered it through the previous owner's old account. This became
a liability account in GNU Cash for me. So the expenses I had for the product I
put in to a liability account as I needed to pay the owner back (instead of the
vendor).
Now in the Cash Flow report this expense shows up, as I paid her via a check
which came off my debit account (asset)But in the Income and Expenses report
this expense does not show up (probably because I can't mark this as an expense
and liability at the same time).
So with all this said I am trying to figure out my profit as the Cash Flow
expenses are different than the Income and Expenses report.
I hope I am making some sense. I appreciate any help you can provide.Thanks and
have a great day!
Martijn
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