You have options for accounting on a Cash Basis or Accrual Basis. This article shows you where the settings are. If you require further guidance on what your settings should be, check with your Accountant or Bookkeeper.
A system of accounting in which the revenues from sales and expenses from purchases are recorded at the time of payment.
A system of accounting in which the revenues from sales and expenses from purchases are recorded as they are earned and incurred, not necessarily when cash is received or paid.
Set here for the global setting:
Set here to influence how your BAS statement is generated:
There’s also a setting on the “More Options” tab within Report Builder, for when you want to switch between the two accounting types for a particular report only: