I've an invoice dated 11/2024, but payment was received in 08/2025. Both the 2024 & 2025 Financials shows these amounts. How can I correct the 2025 financials? Thank you.

Hi, mia26. The reports in QuickBooks Online are based on transaction dates and the accounting method set in your Settings. Could you share which specific financial reports you generated? This will help us better understand and explain why amounts are showing in both 2024 and 2025 on the affected reports.

In the meantime, you can toggle the Accounting method from Cash to Accrual (or vice versa) on the report you pulled to see the difference between the 2024 and 2025 periods. This can give you a clearer understanding of your cash flow for that specific period. You may also refer to this article for guidance: Choose between cash and accrual accounting methods in QuickBooks Online.

I don't think there's a need to adjust your 2025 financials. You have recorded the received payment when the invoice was paid and cleared your bank, which is why it appears in the affected periods. I would also not recommend changing the payment date to match the invoice date, as this could result in inaccurate balances on your current financial reports.

I recommend consulting your accountant about this. They can provide guidance tailored to your business setup and situation.

Afterwards, you can proceed with filing your forms and ensure the figures are correct.

Please let us know if you need any further assistance. We’re here to help.