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Profit and Loss Report

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When I run the Profit and Loss Report for 2020, it is showing all the unpaid invoices and also the invoices that are paid in 2021 as income. As I haven't received the money in 2020, I don't want to show that as income for last year. How do I remove these unpaid invoices and invoices that are paid in 2021 from this report so that I can show actual income in the report?

QuickBooks Online

M

mazarAnswer

Hello,

Sounds like you are running your Profit and Loss in ACCRUAL basis. Change it to CASH basis and that will only show invoices that have been paid according to WHEN they were paid.

Accrual will show income based on when the income was generated (IE what date is on the invoice)

M

mazarAnswer

Hello,

Sounds like you are running your Profit and Loss in ACCRUAL basis. Change it to CASH basis and that will only show invoices that have been paid according to WHEN they were paid.

Accrual will show income based on when the income was generated (IE what date is on the invoice)

P

pasiguenans

@mazar wrote:
Hello,

Sounds like you are running your Profit and Loss in ACCRUAL basis. Change it to CASH basis and that will only show invoices that have been paid according to WHEN they were paid.

Accrual will show income based on when the income was generated (IE what date is on the invoice)

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