Invoice & Bill Posting Date Issues Across Multiple Periods

[Adrien Monteleone]

Thanks Maf., 

But it seems the entire invoice posts together on the posting date, not by line-item date. I just double checked several of them that crossed period boundaries.

I’m in the U.S., not sure what the specific rules are on invoice time frames, but GAAP would say the invoice/bill date doesn’t matter - what matters is when you actually do the work or incur the expense.

This isn’t strictly a tax reporting issue anyway. (other than how recognition affects net income that is)

I’m more concerned with an accurate financial performance picture, which is what GAAP is for.

Apparently the business features make little headway over pen and paper in this regard.

Thanks though.

Regards,
Adrien

> On Dec 9, 2017, at 4:23 PM, Maf. King <maf at chilwell.net> wrote:
> 
> On Saturday, 9 December 2017 21:06:23 GMT Adrien Monteleone wrote:
> 
>> The same can easily happen for invoicing customers. If I generate an invoice
>> in December to a customer for work done in October and November, I can’t
>> realize the appropriate raevenue in each period. I can only choose one month
>> or the other. (or more likely, December since that will be the posting date
>> - which is entirely incorrect)
>> 
> 
> Hi Adrien,
> 
> without opening GC to see if this is correct, my impression is that if I 
> create an invoice and have 2 line entries
> 15-Oct-2017  work done income:consulting £100
> 15-Nov-2017 other work done income:making £300
> 
> both on one invoice posted 3-Dec-2017, then the *income report* by month would 
> show the correct items within the correct month totals.  Happy to be told that 
> this is not the case, as I haven't explicitly tried it before posting.
> 
> Not withstanding that, my understanding is that under UK rules the document 
> date is the relevant one for tax reporting - I always set my posting date to 
> the document date.  And IIRC, an invoice should be raised within 2 weeks of 
> the "sale" being made. Of course, other jurisdictions may work differently.
> 
> 0.02
> Maf.
> 
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