The Dashboard in QBO shows Profit & Loss on an accrual basis and Income on a cash basis. I would like the two to use the same method of accounting. How do I change this.
QuickBooks Online makes it easy to change your accounting method and I'll be happy to show you how.
As you know there are two types of accounting methods in QuickBooks Online; Accrual Basis and Cash Basis.
Knowing this info, you can now select which accounting method works best with your business. You can edit this by clicking the Gear icon > Account and Settings > Advanced > Accounting method to Accrual > Save.
Let me know if this helps! In case you need further assistance, feel free to contact our support team using this link here.
I'm happy to see you're taking the extra steps to keep everything accurate in your books. Properly setting up as Cash or Accrual goes a long way towards having accurate reports, and ensures your reports will be compliant with local laws. Currently, QuickBooks Self-Employed is a cash-based accounting software, and therefore only includes income and expense categorized by transactions. QuickBooks Online offers a powerful tracking of Accounts Receivable and Payable which includes these settings.
Let me know if there's anything else I can help with!