Since accrual accounting respects account receivable and account payable we see an accurate picture of a past period of time. Money owed but not paid is reported, both with income and expense.
We use terms like "recognized" revenue or "recognized" invoice (payable expenses).
Invoices payable
Note: If you choose not to use Accrual accounting the "Profit and Loss" will not be accurate at the end of the month.
Note: The accounts payable tab shows all invoices unpaid.
Note: The tenant journal tab shows all revenue unpaid.
If you post payment, the system will query if you have "recognized". Choose yes if this is accrual accounting.
