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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.
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.