Recording invoice related to previous financial year


Please advise how income received current financial year can be recorded for the last financial year which is still not closed.

Hi Maria,

Can you provide some more detail on this please?

The Profit and Loss report works on an accrual basis so the invoice date will determine the period that the income will fall into. Therefore editing the invoice date will affect the P&L report accordingly.

Most smaller businesses and sole traders report on a cash basis, so it’s the time the funds are actually paid to you that will determine the period which it falls into.