We are Cash Basis. When I ran our report at year end the receivables was zero in cash basis, but in accrual basis all the invoices show up. Is this because the company was set up under accrual basis or does QBO do something I do not know about at year end?
I'd be glad to help share information about the difference between cash and accrual basis of accounting, @cher-roy77.
The cash basis of accounting method shows income if you've received cash and shows your expenses if you've paid them through cash. It is a bookkeeping method in which your regard income or expenses as occurring at the time you actually receive a payment or pay a bill. On the other hand, the accrual basis of accounting method shows income regardless of whether your customers have paid your invoices and expenses regardless of whether you have paid all your bills.
This is the reason when running your report on a cash basis, your receivables was zero.