View Full Version : Payment posting to P&L
08-02-2004, 03:28 PM
We invoice customers on a yearly homeowner association assessment. We sent out the assessment invoices in June and received payments in July. We received payments in the customary manner and have them show in undeposited funds.
The total shows in the balance sheet but nothing we do can make them show under income on the P&L. We have looked at what we think is everything but every item appears okay. Any thoughts?
08-02-2004, 04:54 PM
Are you on a cash or accrual basis? If accrual, the billing of the homeowners in June would show up as a "sale" in June, not when you receive the payment in July. The checks received should be in undeposited funds until they are put into a bank account. Both accounts are on the balance sheet, not on the P&L, since your sale appeared on the P&L the previous month.
08-02-2004, 05:48 PM
Sometimes we can't see the forest for the trees. Thank you. If you were here I would kiss you and if I knew where you were I'd send you a bottle of California wine.
08-02-2004, 07:50 PM
Thnaks for the offer of the "kiss". Best offer I have had today....or lately! As for the wine - you might just get my address for that one.
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