[GNC] Question about Profit-Loss Report

Michael Hendry hendry.michael at gmail.com
Mon May 31 10:42:24 EDT 2021


> On 31 May 2021, at 15:10, Howard M. Fried <cursorsci at gmail.com> 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 something.
> 
> 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

Not an accountant either, Howard, but I believe the approach varies according to whether your books are kept on a cash or an accrual basis.

If cash, then reports are based on the date when you received income, or the date you made a payment for expenses.

I don’t use the business features, but I think that you will be working on an accrual basis, and have reports on Accounts Receivable and Accounts Payable which carry over the end of the financial year.

Michael




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