Hi there, my profit and loss report is including data from unpaid invoices. How do I change this to only show actual amounts paid? One invoice is outstanding and the other has been half paid, but both are showing up as gross takings. Thank you.
That’s how it is supposed to work, accounts are done on “accrual basis”. If you want to see the amounts paid then you can do that by going to sales -> view payments, then do an advanced search to restrict by date and you’ll get the total in small grey font above the table e.g. “600 payments found (total amount £xx,xxx)”
Thank you Ian! I am being asked for the profit and loss for the last 3 months for a Covid grant and the unpaid invoices are skewing the data. Thank you for explaining that. Xx
Check with your accountant if you have one - like I say accounts are normally done on accrual basis where you recognise income at the date of invoice rather than the date of payment, so it may not be “skewing the data” as such. Do you do your tax return on accrual or cash basis?
I do it on cash basis. I don’t think it’s ever been an issue before. I have recently got accountants so will bring it up with them. Thanks so much for your help. X
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