Income statement by payment dates

nsound

I issued an invoice to a client in Dec 2017. Client partially paid in Dec 2017 and partially in Jan 2018 but in your income statement reports, the payment is applied to the invoice date (2017) and not the actual dates payments occurred. This creates a problem when I try to summarize my yearly income because I file taxes on Schedule C / Cash Basis. Is there a way to adjust my income statement report to reflect actual payment dates and not invoice date?

Charlotte

Hi, thanks for posting! Wave operates on an accrual accounting basis (not cash-based accounting). This means that financial events are recorded on your books when they occur and not when cash is actually exchanged. That is, an invoice is recorded as income on your books when the invoice is created not when it is paid.

I'd recommend checking out our FAQ for workarounds.