[GNC] Tax question - gross income for the year

[Jesse MacDougall]

Your income stamement is where u want to look

On Wed., Jan. 5, 2022, 18:47 Adrien Monteleone, <
adrien.monteleone at lusfiber.net> wrote:

> 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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