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Profit and Loss report shows income from payments received before the dates of the report

When you run a cash basis profit and loss report, it shows income from payments received prior to the date range on the report. For example,

  1. You received a prepayment for 50% of a job in January.
  2. You invoiced the job in February.
  3. The customer pays the balance in March.

The cash basis P&L shows half of the income in February (date of invoice) and half in March (date of the final payment.)

Solution Description

When a payment date precedes an invoice date, cash basis reporting realizes the income on the invoice date instead of the payment date, as shown in the example above.

Note: If you choose to change an invoice date or a payment date to change how the information displays on your profit and loss report, it could change financial reports from other periods. Consult your financial adviser before making any changes.

 

 

KB ID# SLN43094
12/8/2016 8:05:57 AM
PPRDQSSWS404 9138 Pro 2017 009796