Quickbooks question - Posted by Dan (Md)

import · March 5, 2003, 2:29pm

Posted by Lyal on March 06, 2003 at 13:47:32:

Dan,
You may want to ask this on the legal forum. Hyre is the resident expert on QB.
All the best, Lyal

import · March 5, 2003, 2:29pm

Posted by Dan (Md) on March 05, 2003 at 15:29:04:

Cash vs Accrual

I don’t understand the difference very well and I don’t know which one I should have selected in Quickbooks.

Thanks for the help

Dan

import · May 5, 2003, 2:24am

Re: Quickbooks question - Posted by Justin

Posted by Justin on May 05, 2003 at 02:24:47:

with memorized transaction, how do i get the current month to show up in the description without typing it in EVERY invoice i send out??

import · March 6, 2003, 7:10pm

Re: Quickbooks question - Posted by Don

Posted by Don on March 06, 2003 at 20:10:48:

You should consult with your accountant but I believe it works likes this: If your accounts receivables are significantly greater than your accounts payables than a cash method of accounting will save you from paying taxes on money you haven’t received yet. Otherwise I like the accrual method because when creating reports I get a more accurate picture of my paper profits or losses.

import · March 6, 2003, 2:52pm

Re: Quickbooks question - Posted by JHyre in Ohio

Posted by JHyre in Ohio on March 06, 2003 at 15:52:27:

My course covers that point. The asnwer is “cash”, because accrual method:

Is more complicated; and
Results in higher taxes (trust me on that).

John Hyre