Because I'm using amounts inclusive of VAT, the P&L report shows inflated amounts, is there a way (apart from entering everything net) of producing P&L reports sowing the true figure?
Hi Barry,
If you are not VAT-registered, it is normal to include the VAT amount as part of your profit and loss.
If you are VAT-registered, click menu Setup > Contact Details & VAT > Registered for VAT. You can then enter the VAT percentage on invoices and payments; Solar Accounts will then apportion this percentage to the VAT Liability account so the VAT component will not affect your profit and loss report.
Regards,
