Going one step further here - we use accrual accounting. I'm constantly spending a ton of time reviewing and fixing the service periods - i.e., when the expense was incurred vs. when it was paid or an invoice was received.
Hypothetical scenario:
- We have a rental (or a contractor doing work), etc... for Jan 11 - Jan 25
- Invoice received 2/1 w/ Net 10 terms (so, due 2/11)
If i just enter the invoice date as 2/1, this will appear as a Feb expense in the P&L but it is a Jan expense. Is there a field that can be added or would a custom field help here?
