[GNC] Income statement incorrect

[Adrien Monteleone]

The type of service doesn’t matter. Certainly, there are professional services who pre-bill and who use accrual instead of cash-basis accounting. (such a situation is exactly what accrual accounting handles) That’s more a question for a CPA as to which is the best fit for you.

Regards,
Adrien

> On Jul 31, 2019, at 11:10 AM, Rich Shepard <rshepard at appl-ecosys.com> wrote:
> 
> On Wed, 31 Jul 2019, Adrien Monteleone wrote:
> 
>> If you want a cash-basis Income Statement, you’ll need to modify your
>> included accounts in the Accounts tab of the report’s Options.
> 
> Adrien,
> 
> Okay. That is preferable to unposting invoices. Mine is a professional service
> business so ivoices are sent (and need to be paid) before services are
> rendered. Many of my clients are on a retainer basis so invoices for coming
> periods are sent in advance, but the money not received until the next
> period.
> 
> Would be nice to have a cash accounting option in addition to the default
> accrual accounting option.
> 
> Thanks,
> 
> Rich