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Join nowI recently took over the bookkeeping for a company that has about 200 invoices that will not be paid until a year or more out. Of course this throws off the financial reporting. I figure ideally Sales Orders need to be created to replace the Invoices. This is a lot of work so I'm looking for a workaround. We'll enter Sales Orders going forward, but will simply future dating the existing invoices fix the reporting? I know that I can view most reports on a cash basis which helps, but my boss really likes the company snapshot reporting. Future dating invoices didn't seem to have an effect to Customer Open Balance reports and others. Any advice/insight welcome.
Its a question of fact if a customer arrangement is a Sales Order or an Invoice - the financial reporting should then follow the facts.
A 'sales order' is a customer request for future action. The sale action has not yet occurred and there should be no Cost of sales activity yet.
Invoice means the sales action has occurred - and the costs of the performing the sale have been incurred. Future payment for past sales is normal AR - it should be on the financial reports.
If you want to report 'cash basis' do so in report settings - not in how you record sales.
200 invoices already sent out to customers?
Has the work you are billing for been completed?
Are you being paid in advance for work not done yet?
Is the company doing Taxes on cash-basis or accrual-basis?
Is the company doing Accounting on cash-basis or accrual-basis?
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