Journalling income from one month to another
Hello
Just wondering how to journal income from one month to another, so that my Profit and Loss statement is accurate.
I know how to jounal from one GL-account to another but this is when the transaction occurred in the same month.
Help would be greatly appreciated
Hi FinK , AccountRIght will usually report income according to the invoice date. However, if you need to change the month of reporting, but not the invoice, then you need to create an account in the liability section of the balance sheet called "Deferred income" or similar, and use two general journals.
For example if you are showing income in June that should belong in July, the journals would be like this:
Dated 30th June:
Dr: Income (P&L)
Cr Deferred income (Liability)
Dated 1st July:
Dr: Deferred income (Liability)
Cr: Income (P&L)
