[GNC] Question about Profit-Loss Report

Howard M. Fried cursorsci at gmail.com
Mon May 31 11:55:04 EDT 2021

On 5/31/21 10:42 AM, Michael Hendry wrote:
>> 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

Thank you Michael.  I'm a one-person business with one service 
(manuscript editing).  It never occurred to me that any method other 
than cash would be the way to go, and I just blindly set up my GnuCash 
account without thinking about it.  This year is the first in which the 
issuance and payment of invoices spanned two years.  I'll have to 
remember to add those funds come tax time.  Will have to check expenses 
as well.


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