I run a small construction business and do not know much about accounting. Need Help
if funds are received against specific sales invoice, Why does that not reflect as income in profit and loss statement?
Check your journal entry in the transaction or else your set-up in the setting of sale invoice is wrong journal account you set.
thanks for your help, I did not select account while creating the invoice.
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@Abhi_R, you are referring to the differences between accrual and cash basis accounting. See this Guide on how to change:
https://forum.manager.io/t/choosing-accrual-or-cash-basis-accounting/7129
But before you can do anything, you need to understand the fundamentals of double-entry accounting. Just as in your construction business, Manager is a tool. Using tools when you don’t know what they are supposed to do often creates trouble. I recommend starting at http://www.accountingcoach.com.
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Is it possible for me to access and read the guide mentioned above @Tut ? When I click it says I cant access.
I believe I am experiencing this same issue with my fundamentals of cash/accrual and my troubles relate to accounts receivable and no sales income showing. Desperately seeking help. Regards K.
No. That link is obsolete. I linked to the current version of that Guide in my other response to you. Or just search the Guides directly.