Limited time. 50% OFF QuickBooks for 3 months.

Buy now & save
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Get unlimited expert tax help and powerful accounting in one place. Check out QuickBooks Online + Live Expert Tax.

Reply to message

View discussion in a popup

Replying to:
mmurrell1
Level 3

Reply to message

Your reply does not address the OP's concerns and seems patronizing at the least.  As accountants, we KNOW the difference between accrual and cash-based accounting.  Fancying up a sales invoice has nothing to do with recording expenses on a cash or accrual basis!  

 

Let's use a utility bill and accrual-basis accounting as an example....but this would hold true for a whole number of expenses.  The utility bill is dated 03/05/2023 but is for services from 02/01/2023 to 02/28/2023.  The bill would be entered into QBO with the actual billing date (03/05/2023) and would therefore show up as an expense on the March P&L.  This is totally wrong.  This expense should show up in the February P&L.  If we had a "posting date". the bill could be entered correctly (03/05/2023) with a posting date of 02/28/2023 and the P&L would reflect the correct amounts.

 

I use QBO and don't understand why Quickbooks does not address this glaring issue.

Need to get in touch?

Contact us