diff --git a/src/components/dashboard/dashboard-shell.tsx b/src/components/dashboard/dashboard-shell.tsx
index dfa901e..031f0d4 100644
--- a/src/components/dashboard/dashboard-shell.tsx
+++ b/src/components/dashboard/dashboard-shell.tsx
@@ -890,7 +890,12 @@ export function DashboardShell({
     [donations]
   );
   const preCutoffExpenses = useMemo(
-    () => allExpenses.reduce((sum, expense) => sum + (expense.cutoffPhase === "PRE" ? expense.netPeriodAmount : 0), 0),
+    () =>
+      allExpenses.reduce(
+        (sum, expense) =>
+          sum + (expense.cutoffPhase === "PRE" && !expense.paidAt ? expense.netPeriodAmount : 0),
+        0
+      ),
     [allExpenses]
   );
   const paidTotal = useMemo(