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Best answer May 14, 2021
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Hello, kturner1.
Yes, you can switch to Cash basis in QuickBooks Online without any issues. I'm happy to show you the steps below.
There are two ways to do this. You can either change the basis in the Account and settings page or within a specific report. Here's how to do it:
- Click the gear icon, then select Account and settings.
- Go to the Advanced tab.
- Expand the Accounting section.
- Select Cash from the Accounting method drop-down menu.
- Click Save, then Done.
On the reports, simply select Cash under the Accounting method section.
Changing the basis will only affect the transactions' reporting. Though, just make sure you get an approval from the IRS (through your tax accountant). They require you to use the same accounting method from year to year.
You can check this article if you need references about changing the accounting methods: Choose between cash and accrual accounting methods in reports
Ready to export your reports to Excel for your tax accountant? This article can guide you with the processes: Export your reports to Excel from QuickBooks Online.
Do you need help with your company settings or do you need a specific report to send to your tax accountant? Please let me know and I'll help you complete your tasks.
Hello, kturner1.
Yes, you can switch to Cash basis in QuickBooks Online without any issues. I'm happy to show you the steps below.
There are two ways to do this. You can either change the basis in the Account and settings page or within a specific report. Here's how to do it:
- Click the gear icon, then select Account and settings.
- Go to the Advanced tab.
- Expand the Accounting section.
- Select Cash from the Accounting method drop-down menu.
- Click Save, then Done.
On the reports, simply select Cash under the Accounting method section.
Changing the basis will only affect the transactions' reporting. Though, just make sure you get an approval from the IRS (through your tax accountant). They require you to use the same accounting method from year to year.
You can check this article if you need references about changing the accounting methods: Choose between cash and accrual accounting methods in reports
Ready to export your reports to Excel for your tax accountant? This article can guide you with the processes: Export your reports to Excel from QuickBooks Online.
Do you need help with your company settings or do you need a specific report to send to your tax accountant? Please let me know and I'll help you complete your tasks.
