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info-janiking-gm
October 5, 2023
Question

I just billed my client today for last month's work. Under the profits section, it is showing income for this month instead. Any suggestiond? Many thanks

  • October 5, 2023
  • 1 reply
  • 0 views
I charge my clients monthly. All services provided for the month is invoiced on first day of the following month. 

Naturally, by the time I generate the invoice its the following month. Moreover, payments are also made the following month.  Naturally, this gets recorded under monthly income for the previous month which isn't accurate. This in turn mucks up my BAS lodgement as the monthly income is not accurate. 

Any suggestions and guidance will be greatly appreciated.

1 reply

Rainflurry
Rainflurry
October 5, 2023

@info-janiking-gm 

 

QB records income as of the invoice date if you're on accrual basis or as of the date you receive payment if you're on cash basis.  If you're on accrual basis, you can date the invoice as of the last day of the month in which you provided the services.  

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