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R. Victor Klassen

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  1. 62 votes
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    R. Victor Klassen commented  · 

    Quikbooks allows the user to select cash or accrual at the time reports are generated. This is nice because it allows one to use cash for tax purposes and accrual for purposes of knowing how things are going. Accrual is generally recommended for all businesses - because it provides better management information - but cash is allowed for tax purposes for some jurisdictions and some business types. In at least one case (Canada/Farms) there are tax advantages to cash-based accounting.

    So ideally this would involve, at report time, checking all payments/receipts from within the interval and tracing them back to the invoice/bill to which the correspond, regardless of the time at which the invoice or bill was posted.

    R. Victor Klassen supported this idea  · 
  2. 10 votes
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    R. Victor Klassen supported this idea  · 

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