How do I record a payment that was received for a previous year invoice, being that the client didn't use QB last year?
A payment was received in January for an invoice from Dec 15. How do I record this to reflect the money for 2015 income? My client didn't start using QB prior to Jan 2016. All sales/invoice info was in Square. We're not entering in all the previous FY info into QB - so there is no 2015 data in the system, just starting fresh for 2016. Using QBO Essentials.
Updated info: The client was cash based last year, and has switched to accrual this year.
The client was cash based last year, and has switched to...
The client was cash based last year, and has switched to accrual this year. My apologies for forgetting to add that before. Since we don't have any data in QB for 2015 I'm not sure how to record it in QB to avoid it just "hanging out" unassigned.