Cash basis accounting
daeroncs at fastmail.fm
Wed Apr 27 01:49:08 EDT 2005
Derek Atkins wrote:
>Quoting Derrick Ashby <daeroncs at fastmail.fm>:
>>I suppose it depends what you mean by both "basic" and "accounting
>>feature". Personally, I'd like to see the ability to use cash accounting
>>rather than accrual accounting for business income and business taxes. I
>>can't really convert our business fully to gnucash unless that happens.
>That's purely a reporting issue; you just need to subtract your A/R from Income
>and A/P from Expenses. It's really not hard to "fix" after the fact; it's just
>that the current reports dont back-track for you.
>I'll also note that by definition you can't do invoicing in a non-accrual basis.
> By definition an invoice IS an accrual. It's just a question of how you
>report it at the end.
Cash accounting update:
I created an Income->Receipts account, and am now entering an extra
transaction to transfer the money from the Income->Sales account when
the cheque appears. (I was already doing a similar thing for GST
receipts). I now find that the Profit & Loss report will not allow me
to exclude the Income->Sales account, which on a cash basis I don't want
to include as income. This report appears to grab every subaccount of
Income and Expenses whatever you select in Options.
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