S
sheelagh
- Original Poster
- #1
I am farly new to Kashflow. I recently encountered a situation in which the P&L suddenly indicated a huge loss. I found that the TYPE setting on one of the sales accounts had been changed from TURNOVER to COST OF SALES and the balance was now shown as a cost item.
If this happened in Sage, the sales account would have a CREDIT balance and would therefore show as a negative cost in the P&L, thus the net profit figure would not change.
Am I right in thinking that Kashflow does not record credits and debits in the same way as a traditional bookkeeping package and relies more on the TYPE setting?
If this happened in Sage, the sales account would have a CREDIT balance and would therefore show as a negative cost in the P&L, thus the net profit figure would not change.
Am I right in thinking that Kashflow does not record credits and debits in the same way as a traditional bookkeeping package and relies more on the TYPE setting?
