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Level 3

Cash Basis vs Accrual Basis

I own a billboard business and I am switching over to QuickBooks Online. My business consists of leasing land from people, installing  billboard structures and charging rent to customers monthly for ad space. I pay yearly lease payments to landlords, receive rent checks monthly from customers and pay monthly electricity bills.

 

I am a sole proprietor and have no employees (use contractors).  Should I use the cash basis or accrual basis method of accounting in QB?

1 Comment
Level 15

Re: Cash Basis vs Accrual Basis

This is rightly a question for your tax accountant, but I would say cash.

 

realize that QB is accrual accounting, it only reports on cash basis.

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