[GNC] How can I book Sales when invoice is paid vs when posted?

[R. Victor Klassen]

What you want is cash accounting and Gnucash is set up for accrual based accounting.  

In our jurisdiction certain businesses are permitted to use cash accounting for income tax (and there are, for some, advantages to doing so) but all businesses are required to use accrual accounting for sales tax.  

What I wind up doing is posting the invoices that span the year boundary to December 31 until I have filed the sales tax return, and then reposting them to the first of the year before generating the reports for income tax.  And I do the reverse for bills received but not paid by the end of the year.  

Sent from my iPhone

> On Mar 3, 2024, at 12:43 PM, Murugan Muruganandam <m.muruganandam at hotmail.com> wrote:
> 
> when you are posting the invoice, select year 2 date, then your book should reflect it on the corresponding year
> 
> 
> 
> 
> Saludos Cordiales
> 
> 
> Murugan
> 
> ________________________________
> From: gnucash-user <gnucash-user-bounces+m.muruganandam=hotmail.com at gnucash.org> on behalf of Blake Hannaford <blake.hannaford at gmail.com>
> Sent: Sunday, March 3, 2024 12:46 PM
> To: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
> Subject: [GNC] How can I book Sales when invoice is paid vs when posted?
> 
> Sometimes I send an invoice to a customer in year 1, but the payment is
> received in year 2.   Gnucash always seems to credit the Income/Sales
> account when posted, but then my income for Year 1 taxes is overstated, and
> Year 2 is understated.    I know you can select different accounts
> receivable accounts for the post but how can I not boost Sales until the
> invoice is paid?
> 
> Thanks!
> 
> --
> Blake Hannaford
> --
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