Close books trashes Income Statement and Net Income on Balance Sheet

JT Morée moreejt at
Tue Feb 9 16:12:15 EST 2010

--- On Mon, 2/8/10, Derek Atkins <warlord at MIT.EDU> wrote:
> If you perform Cash
> based accounting then you need to apply your Income and
> Expense when the
> payment happens, not when you book the invoice/bill. 
> So in this case
> the invoice/bill txn does NOT apply to the period in which
> it is dated.

I don't see how having a fake/unique/reserved date fixes that problem.  If someone puts invoices in the books on a cash system when sending them there will be skewed data no matter what date it's on.  


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