[GNC] Question about Profit-Loss Report
Michael or Penny Novack
stepbystepfarm at comcast.net
Mon May 31 10:41:31 EDT 2021
On 5/31/2021 10:10 AM, Howard M. Fried wrote:
> I have several invoices that were issued in 2020 but paid in 2021.
> These funds are not included in a P&L report for 2021, apparently
> because the report is based on date of invoice issue, or have I missed
> Is it possible to get the 2020 Sales that were paid in 2021 into the
> report for 2021? Simply extending the Report date range backward is
> not a solution because many invoices that were issued and paid in 2020
> will be included. Or am I to include unrealized assets for 2020 as
> profit, like the P&L report does (I have no accounting, financial, or
> legal experience in such matters).
> Thank you for considering,
> Howard Fried
This is less of a gnucash question than a fundamentals of bookkeeping
question. You need to look up/understand the essential differences
between books kept on the "cash basis" and books kept under the "accrual
You mention "invoice" and that means that you are using "accrual basis"
since gnucash only supports invoices when using the "business features"
and that means accrual basis. However it appears that you want want a
P&L report on the cash basis << transactions dated as of when cash
received or cash paid).
I will repeat, using software to partially automate your accounting does
not mean that you can skip learning some of the fundamentals. This is
especially true if you want/need reports both on the accrual basis and
the cash basis. Doing and undoing the adjustments you would need for
that not easy.
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