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Level 1

Invoices showing as income

I have issued 6 invoices covering a monthly fee for the next 6 months, but have not received the payments yet.  However, those invoices are showing up as income on my P&L, thus over-stating it.  How do I fix this?

 

Thanks in advance for any help.

 

 

1 Comment
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Level 15

Invoices showing as income

You do not fix it, that is the way it works.  An invoice is a final sale

In accrual basis it shows as immediate income

In cash basis it shows when paid

 

You can change the basis of the report to cash if you are a cash based tax payer, and if you are accrual then use an estimate rather than an invoice for future charges.

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