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Need P&L based on payment date, not invoice date

tsmithtsmith Member Posts: 22

I invoice on the 23rd for the following month's services, and invoices are due by the 5th. I noticed that on my Profit and Loss report, that the income is shown for the invoice date, even though payments received are in the following month. So, my income for January is all reported on 2018 December - etc. My invoices are all re-occurring, and need to be sent before the 1st of the month. Is there something I am missing?

in Accounting Feature Ideas

Comments

  • SamdSamd Member Posts: 552 ✭✭✭

    Hey @tsmith, for this report, you'd want to head over to Reports > Cash Flow. Wave uses accrual based accounting, which is why you're seeing the profits on invoice dates, but we have implemented cash based accounting options and reports in our latest system. For the reports that are not specific to one form or the other (like General Ledger), you'll have the option to toggle between Cash and Accrual as well.

    If you aren't seeing the Cash Flow report, this will be coming to your account very soon - we're just in the process of migrating users over.

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