On 5/31/21 9:08 PM, Alan Hopkins wrote:
Hello Howard
I agree with both Michaels - you need to understand the difference between
accounting records & reports prepared on an accruals basis vs a cash basis. You
should do some reading on basic accounting.
GNUCash used for business uses the accrual basis - (invoices are registered in
accounts receivable, bills are registered in accounts payable). Depending on
the number of invoices & bills involved, you may find that you need to develop
your own cash report on a spreadsheet.
Some of these links may be of help to you:
https://www.accountingtools.com/articles/how-to-convert-accrual-basis-to-cash-basis-accounting.html
<https://www.accountingtools.com/articles/how-to-convert-accrual-basis-to-cash-basis-accounting.html>
https://www.bookstime.com/articles/accrual-to-cash-conversion
<https://www.bookstime.com/articles/accrual-to-cash-conversion>
https://www.double-entry-bookkeeping.com/bookkeeping-basics/accrual-to-cash-conversion-excel-worksheet/
<https://www.double-entry-bookkeeping.com/bookkeeping-basics/accrual-to-cash-conversion-excel-worksheet/>
GNUCash is excellent software (a big thank you to the developers!) and you can
get more understanding of basic accounting and using the business features by
referring to the Tutorial & Concepts guide:
https://www.gnucash.org/viewdoc.phtml?rev=4&lang=C&doc=guide
<https://www.gnucash.org/viewdoc.phtml?rev=4&lang=C&doc=guide>
I hope that is of some help to you
Cheers
Alan
Thank you Alan, and both Michaels. I was an educator for 34 years
before launching a second career as an Editor. Clearly, I need to take
up the role of student and learn some basic accounting methods. I will
certainly examine the materials that you have so kindly provided.
Regards,
Howard
On 1/6/21 12:42 am, Michael Hendry wrote:
On 31 May 2021, at 15:10, Howard M. Fried<cursor...@gmail.com> wrote:
I have several invoices that were issued in 2020 but paid in 2021. These funds are
not included in a P&L report for 2021, apparently because the report is based
on date of invoice issue, or have I missed something.
Is it possible to get the 2020 Sales that were paid in 2021 into the report for
2021? Simply extending the Report date range backward is not a solution because
many invoices that were issued and paid in 2020 will be included. Or am I to
include unrealized assets for 2020 as profit, like the P&L report does (I have
no accounting, financial, or legal experience in such matters).
Thank you for considering,
Howard Fried
Not an accountant either, Howard, but I believe the approach varies according
to whether your books are kept on a cash or an accrual basis.
If cash, then reports are based on the date when you received income, or the
date you made a payment for expenses.
I don’t use the business features, but I think that you will be working on an
accrual basis, and have reports on Accounts Receivable and Accounts Payable
which carry over the end of the financial year.
Michael
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