[GNC] Income statement incorrect
Liz
edodd at billiau.net
Sat Aug 3 06:16:16 EDT 2019
On Wed, 31 Jul 2019 09:10:02 -0700 (PDT)
Rich Shepard <rshepard at appl-ecosys.com> wrote:
> Would be nice to have a cash accounting option in addition to the
> default accrual accounting option.
Whether a business uses cash or accrual accounting in Australia is set
by the tax authorities, so I am obliged to use cash accounting.
Most of the businesses to whom I send invoices like to have everything
invoiced and paid prior to the end of the financial year, so rarely do
I have invoices unpaid at the end of the financial year. When it
happens my accountant does the fixing up for me.
I was considering that you may be able to manage by the use of an
intermediate account, in which you post invoices to a subaccount of AR.
I haven't thought this through fully, but some of our deeper thinkers
may be able to work it out.
Liz
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