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Year end invoicing
I have invoices that I send out separately from QB - as I like the system I use.
I've sent out a few invoices in December of 2021 - received payment in January of 2022.
I'd like to record the revenue in 2021, to be the same as the billing year. How do I adjust income dates to reflect the year the income was invoiced for tax purposes?
Thx
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Hi there, @Jamieaking. I can share with you some information on how to track your income transactions in QuickBooks Self-Employed (QBSE).
If you want to add the revenue to 2021, record the invoice payments in that year.
Here's how:
- Sign in to your QBSE account.
- Click on the Transaction menu, then click on Add Transaction.
- Enter the amount and a description.
- Select the Select a category menu, then choose the best category to organize your transaction.
- If you have a receipt, you can drag and drop it onto the form.
- Hit Save.
For more tips about tracking and categorizing your transactions in QBSE, open these articles:
- Manually add transactions in QuickBooks Self-Employed
- Categorize transactions in QuickBooks Self-Employed
Alternatively, you may reach out to your accountant for other options in tracking your income or payment entries.
For more resources, while handling your other QBSE entries in the future, check out the references from this link: QuickBooks Self-Employed Overview.
If you have any other follow-up questions while handling your year-end invoices, let me know by adding a comment below. I'm always here to help. Have a good one!
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Thank you, worked perfectly.
Cheers.
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For income tax you DO NOT adjust the invoice date. The date of the invoice has to be the same date as when you invoiced the customer. When the customer pays has nothing to to with income being recorded. When the customer pays, it reflects on accounts receivable not sales.