K
Kathleen
I must be missing something but, I started using SBA2006 and now am on
MOA2007 Professional. When I closed out the 2006 & again the 2007 years, the
JE created closed out the accrual side, not the cash side. I do not really
use the accrual, it is only the fact that invoicing & payments lag that there
is an accrual issue.
I noticed this when I did the 2006 that I was off - the cash basis P&L says
my income is one thing & the balance sheet says another, even though they are
both cash basis. I know this all has to do with the closing process but what
I can't understand is that if you want to be on the cash basis, why does the
system force you to be on accrual. A good number of self emplyed service
providers operate on cash basis.
MOA2007 Professional. When I closed out the 2006 & again the 2007 years, the
JE created closed out the accrual side, not the cash side. I do not really
use the accrual, it is only the fact that invoicing & payments lag that there
is an accrual issue.
I noticed this when I did the 2006 that I was off - the cash basis P&L says
my income is one thing & the balance sheet says another, even though they are
both cash basis. I know this all has to do with the closing process but what
I can't understand is that if you want to be on the cash basis, why does the
system force you to be on accrual. A good number of self emplyed service
providers operate on cash basis.