[GNC] Tax question - gross income for the year

Adrien Monteleone adrien.monteleone at lusfiber.net
Wed Jan 5 21:46:22 EST 2022


Don't use the transaction report. Use the P&L or Income Statement. (same 
report, different names)

If you are working on a cash basis, you'll have to make adjusting 
entries or else don't post invoices till you receive payment.

If you are on an accrual basis, then no adjusting or delayed posting is 
necessary. You post when the work is done or when the goods change hands.

Regards,
Adrien

On 1/4/22 6:06 PM, Daffy Duck wrote:
> Hello,
> 
> I'm having an issue in transaction report in easily seeing gross income
> for the year.
> 
> Specifically:
> 
> 1. I have Income:Sales and when I do an invoice, I direct income to go
> there.
> 
> 2. Sometimes clients reimburse me for postage charges, so that does not
> go to income:sales but is in expenses:reimbursed expenses
> 
> 3. Many times at the end and the beginning of the year, an invoice is
> not closed, so an invoice I opened 11/20 may still be being paid
> throughout early 2021.
> 
> 
> What is the best way to do this in order to be able to see gross sales
> for the year, as in, how much income was actually received for
> sales(not expenses), etc.
> 
> I have near the correct amount with the transaction report showing
> income:sales and limiting it to 2021, but it:
> 
> a. Does not capture money from previous years' invoices that is still
> being paid and
> b. Assumes invoices that are created in 2021 are fully paid off.



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