Cash Basis Journal Entry

I don't understand why they can't implement a system of designating certain accounts as "accrual" to let QuickBooks know to keep track of it in the same manner as A/P and A/R accounts - this would enable you to use accounts such as Accrued Interest Payable (which is NOT Accounts Payable) as a pseudo-accounts payable account where you can input "bill-type" entries when accruing interest expense and input "bill payment-type" entries when paying the balance and thus would enable for easy switching between cash and accrual basis reports. Do the same for certain receivables and prepaid expenses and voila - problem solved! This means you would have an A/P account and a separate Accrued Interest Payable account that is essentially a second A/P account in all but name.

Come to think of it... does QBO already allow you to do this? I would have to test and figure it out. This would be a feasible workaround (just create a new "Accounts Payable" account but call it Accrued Interest Payable or whatever you need). It would designate it as an "A/P account" internally but when pulling up reports, it will display that account separately from A/P and would cause it to disappear when switching to cash basis. I will return to report if this works.

UPDATE: I have tested the above method and it does not work. QBO does allow you to create multiple A/P accounts, but in order to convert the numbers to cash basis for report purposes, it HAS to be in the format of bill / bill payment check, which wouldn't be a problem except that QBO does not allow you to create a bill under anything except the DEFAULT A/P account. So we're back to square one of no accurate cash basis reports from QBO.