On 5/31/21 10:42 AM, Michael Hendry wrote:
On 31 May 2021, at 15:10, Howard M. Fried <cursor...@gmail.com> wrote:
I have several invoices that were issued in 2020 but paid in 2021. These funds are
not included in a P&L report for 2021, apparently because the report is based
on date of invoice issue, or have I missed something.
Is it possible to get the 2020 Sales that were paid in 2021 into the report for
2021? Simply extending the Report date range backward is not a solution because
many invoices that were issued and paid in 2020 will be included. Or am I to
include unrealized assets for 2020 as profit, like the P&L report does (I have
no accounting, financial, or legal experience in such matters).
Thank you for considering,
Howard Fried
Not an accountant either, Howard, but I believe the approach varies according
to whether your books are kept on a cash or an accrual basis.
If cash, then reports are based on the date when you received income, or the
date you made a payment for expenses.
I don’t use the business features, but I think that you will be working on an
accrual basis, and have reports on Accounts Receivable and Accounts Payable
which carry over the end of the financial year.
Michael
Thank you Michael. I'm a one-person business with one service
(manuscript editing). It never occurred to me that any method other
than cash would be the way to go, and I just blindly set up my GnuCash
account without thinking about it. This year is the first in which the
issuance and payment of invoices spanned two years. I'll have to
remember to add those funds come tax time. Will have to check expenses
as well.
Cheers,
Howard
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