Hi, hoping someone can help.
I have an overdue invoice accruing late payment fees which have not been paid yet, however these fees are showing up in my profit loss reports as profit. I am using the Cash Basis accounting method, so I would expect these not to be classified as profit until they are paid?
Is there anything I can do to change how late payment fees behave so that my profit loss report reflects my accounts more accurately?
Thanks in advance.