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annaq2
Level 1

Cash and accrual P&L reports are the same

I am having issues with running cash basis P&L reports. It is showing the same income as Accrual, which is incorrect. We use Square to collect payment, so if we create an invoice in October and the client pays in November, the Accrual basis P&L will show the income in October, which is correct. However, when I run the report on a cash basis, it will still show that income in October as well, but it should be showing in November when we actually received the payment. I cannot find the settings to change this. We have the square app integrated into QBO to automatically upload all square transactions. Does anyone know how to resolve this?

2 Comments 2
RazzieE
QuickBooks Team

Cash and accrual P&L reports are the same

Hi there, @annaq2.

I appreciate for sharing the details in a detailed manner.

 

You are correct, cash basis and accrual basis P&L reports should not show the same results and you don't need to change any settings for this.

The reason why there's an income showing in October it's likely that there are other transactions that were paid in for that month, which makes the reports look the same. To check, drill down into the transactions in the cash basis report and verify whether the October invoice is still appearing there.

If you have follow-up questions, please don't hesitate to click the Reply button.

RazzieE
QuickBooks Team

Cash and accrual P&L reports are the same

Hi annaq2,
 
Just checking in to see if the solution we shared worked for you. Did it fix the issue, or are you still having trouble?
 
Happy to help if you need further assistance!
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