Skip to main content

SUMMER SAVINGS 90% OFF QuickBooks for 3 months* Ends 8/27

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
Holbren
June 25, 2020
Question

Customer invoice from 2018 and was recorded as a sale so part of P&L. Was not paid for until 2019 but 2018 was not QB Online so invioce is not in system. How to post?

  • June 25, 2020
  • 3 replies
  • 16 views
No text available

3 replies

Rustler
Rustler
Level 15
June 26, 2020

it really depends on how you file income tax.

 

If you are a cash basis tax payer, then the invoice can be entered with this years date, 1/1/xx

 

If you are an accrual based tax payer, then the invoice needs to be entered with last years date, 12/31/xx

HolbrenAuthor
June 26, 2020

Thanks, i'm cash based.  I guess the issue I have is I claimed the profit on prior year taxes and don't want to get double taxed by entering the invoice again for the following year.

Rustler
Rustler
Level 15
June 28, 2020

Which year?

if you are cash based and the invoice was paid in 2019, then it reports in 2019.

    Need QuickBooks guidance?
    Log in to access expert advice and community support instantly.
    Terms & ConditionsAccessibility statement