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CB65
Level 1

Recurring transactions in A/P reports

If I schedule a recurring transaction 3 days before the transaction date will it show up in my A/P reports on the schedule day or will it only show up in A/P on the transaction date?

1 Comment 1
JamesM
QuickBooks Team

Recurring transactions in A/P reports

Hi there,

 

QuickBooks makes it simple to set up recurring transactions and I'll be happy to share more helpful info.

 

Whether your recurring transaction reflects on your A/P report depends on your accounting method. The reason I say this is that the accounting method you choose determines what's considered as income/expense and at what stage. There are two types of accounting methods in QuickBooks Online; Accrual Basis and Cash Basis. 

 

Accrual basis

  • In this accounting method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events.
  • An accrual basis report shows income regardless of whether your customers have paid your invoices and expenses regardless of whether you have paid all your bills.

Cash basis

  • A bookkeeping method in which you regard income or expenses as occurring at the time you actually receive a payment or pay a bill.
  • A cash basis report only shows income if you have received cash and expenses if you have paid cash.

Knowing this info, you can now select which accounting method works best with your business. You can edit this by clicking the Gear icon > Account and Settings > Advanced Accounting method to Cash Save).

 

In case you need further assistance, feel free to contact our support team using this link here

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