Fiscal Year Close


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.
 
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K

Kathleen

I think I see part of the problem - SBA 2006 only created an accrual closing
JE, but MOA 2007 created two closing JE accrual & cash. so why is the BS stil
off, is it a carryforwarde from 2006 & who can I fix it?
 
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L

Lance [MSFT]

On the company menu, there is a command for a cash basis journal entry, which
changes the cash reports and is ignored by accrual. This could be used to
put in the missing cash basis closing entry
 

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