I have a question on Accrual vs Cash methodology. I've been booking everything with cash method. I even report year end taxes as cash. I run my reports on QB as cash. Then, i realized in the setup icon that I didn't change from the accrual to cash method. I don't think it would have changed anything bc when I run reports, i always select cash. If i correct the setup area, i dont think anything will change?
Hi, I'm not sure - if you have been running your reports as cash it doesn't sound like it will make a difference. you can test it - run your reports, change the setup and run them again - if it does change anything you can change it back!
Thank you so much for this video- it was very helpful!
Thank you for letting me know Shelley, I really appreciate it!
Thank you...I loved it. Great video!
Delighted I could help!
I have a question on Accrual vs Cash methodology. I've been booking everything with cash method. I even report year end taxes as cash. I run my reports on QB as cash. Then, i realized in the setup icon that I didn't change from the accrual to cash method. I don't think it would have changed anything bc when I run reports, i always select cash. If i correct the setup area, i dont think anything will change?
Hi, I'm not sure - if you have been running your reports as cash it doesn't sound like it will make a difference. you can test it - run your reports, change the setup and run them again - if it does change anything you can change it back!
I would love to hear if there are any other items on your balance sheet you would like to explore!
When you say net income I assume it was before tax ? I believe the tax haven't been considered .
Typically the tax would be taken into account at year end - however if you have a tax accrual you record each month then the tax would be included.