Hello @rmp7345,
Thank you for getting back to us. I am glad to provide further assistance in running the Profit and Loss report.
Cash basis and accrual basis reporting is how the date is determined for reporting the income or expense. You can run the P&L report on an Accrual basis which includes income checks regardless of when it is actually received. This way, you can account for income received in 2024 for services or sales provided in 2023. Here's how you can run the report:
- Go to Reports.
- Select Company & Financial.
- Choose Profit & Loss Standard (or the version of the Profit and Loss report that you normally use).
- Find the Report Basis section, then select Accrual as the reporting method.
- Set the report date range to encompass the year of 2023.
However, it is important to choose a method that is consistent with how you report your taxes. If you have already filed or prepared other financial statements on a cash basis, it's a good idea to consult your accountant or tax advisor before making any changes to your reporting methods.
In case you face any issues while running financial reports in QBDT, such as missing income or transactions, you may refer to this article: Why are my income and expense transactions missing from my Profit and Loss report?
We are always here to help you in the Community if you have any further questions about running P&L reports in QBDT. Stay safe.
