[GNC] Cash Basis Accounting

[Rich Shepard]

On Thu, 6 Jan 2022, Michael or Penny Novack wrote:

> But somebody who like Rich is invoicing "clients" is perhaps not doing
> sales but a service and only needs "income from clients" on a cash basis.
> Could do that by having a contra account (usually zero) with a name like
> "client income not yet received". Then a single adjusting before (balance
> of AR to "not yet received" and a single after ("not yet received to" AR)
> should do the trick.

Michael,

I have a sole professional services consulting practice, B2B, with clients.
No product sales. My approach to cash accounting has worked for me for more
than two decades; it might not work as well for others.

Regards,

Rich