On 3/3/2024 10:46 AM, Blake Hannaford wrote:
Sometimes I send an invoice to a customer in year 1, but the payment is
received in year 2. Gnucash always seems to credit the Income/Sales
account when posted, but then my income for Year 1 taxes is overstated, and
Year 2 is understated. I know you can select different accounts
receivable accounts for the post but how can I not boost Sales until the
invoice is paid?
Thanks!
Are you keeping your books on the cash basis or the accrual basis? Are
you asking about how to adjust (at year end) if your intent is to be on
cash basis but gnucash does not support invoices unless accrual?
If you are keeping the books on (and filing taxes on) the accrual basis
it is IRRELEVANT in what year the customer pays the invoice. You
received the income for that sale when the order was fulfilled/customer
invoiced. At that point you have a RECEIVABLE for the amount.
Receivables might be sold to a FACTOR (at which point not longer
relevant to YOU when the customer pays, or even if the customer pays.
If any of this is not making sense to you then you need more learning
about "accounting for a business". And "cash bass" vs "accrual basis".
It's basics you need help with, not gnucash (or not gnucash yet).
Michael D Novack
--
There is no possibility of social justice on a dead planet except the equality
of the grave.
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