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  #1  
Old 08-19-2016, 11:26 AM
omairkha omairkha is offline
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Join Date: Dec 2010
Posts: 18
How can I make income appear under the year it was received?

Hi everyone,

I have a situation where I need need to make money received log under the same year it was received and NOT the year under which the Invoice was issued.

Basically, we have some invoices issued in Dec 2015, but payment was not received on them until 2016. The payment receipt was dated correctly for the date payment received in 2016 but Peachtree is logging it as Income for 2015.

Our accountant has told me that this should go under income for 2016 since the cash accounting method is used for our company's taxes.

Is there any ways to have this logged under 2016 without changing the invoice's date itself?

I am using Peachtree Premium for Manufacturing 2010.

Thanks in advance
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  #2  
Old 08-19-2016, 02:25 PM
jdierkhising jdierkhising is offline
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Join Date: Jun 2004
Location: Minneapolis
Posts: 418
Your accounting method is accrual base in Peachtree and thus the income/expenses will be booked as of the invoice dates. It is common for companies to keep books on accrual basis even if they are cash basis. Peachtree can do Cash basis accounting but you have to choose that when you setup your company so there is no way to switch it after the fact within the system. It is possible to switch but it requires a data technician to make the change at costs $750 to do it (I can help if you choose that route). Otherwise, most companies just do an accrual to cash adjustment on the tax return. Your accountant should no how to do that. It requires backing out the difference between beginning AR and ending AR and also adding back the difference between beginning AP and ending AP. You also reverse out any accruals or other non-cash equivalent payables (CC Payable is OK).
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  #3  
Old 08-19-2016, 05:07 PM
omairkha omairkha is offline
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Join Date: Dec 2010
Posts: 18
Hi jdierkhising,

Thanks for the reply. Yes, that is what they have been doing, just adding and subtracting manually. I was just wondering if there was any easy way to switch it so that it reflects correctly in Peachtree also.
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