I am not an expert so can you please explain me why, in the "Annual Report", section "Profit and loss", the amount of "Total Expenses" always reports the same values as "Total revenues" ? Maybe I did something wrong ?
Thank you in advance for your kind help.
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If you did not have any expense, what is most unlikely, than the Profit could equal the Revenue. What does the Sub-total Expense show? A zero?
I have expenses so I assume "Profit/Loss" is calculated automatically ? But I would imagine the total expenses correspond to my actual expenses, not to my revenues...
Hello,
It's an accounting principle: the totals of a balance are always equal.
If you made a profit during a tax year you will have Revenues = Expenses + profit
If you had a loss you will have Revenues = Expenses - loss.
In your case it looks you made a loss.
Example:
You buy 1 car 50
You sell that car for 100
And you had an unexpected fine of 100
You will have:
Revenues = 100
Total Revenues = 100
Expenses = 150
Profit / Loss = 50
Total Expenses = 100
Maybe it should be renamed for more clarity.
