Profit and Loss Basis: Cash vs Accrual in Reports

Profit and Loss Basis: Cash vs Accrual in Reports

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1Company Preferences in Account and Settings 2Managing the Chart of Accounts for Clean Reporting 3Products and Services Mapped to Income Accounts 4Customer Records That Support Sales Forms 5Vendor Records for Expenses and Payables 6Entering Opening Balances and Clearing Opening Balance Equity

7Invoices: Recording a Sale on Terms and Proving Open A/R 8Sales Receipts: Immediate-Payment Sales and Income Proof on Profit and Loss 9Receiving Payments: Clearing an Invoice to Undeposited Funds 10Bank Deposits: Grouping Payments Out of Undeposited Funds 11Credit Memos and Delayed Credits: Reducing a Customer Balance Correctly 12Accounts Receivable Aging: Customizing the Report to Prove Who Owes What

13Recording an Expense Paid Immediately 14Entering a Bill to Track Payables 15Paying a Bill Without Duplicating Expenses 16Applying a Vendor Credit to Reduce a Bill 17Using Accounts Payable Aging to Prove What You Owe

18Connecting Bank and Credit Card Feeds 19Categorizing Downloaded Bank Transactions 20Matching Downloaded Bank Transactions to Avoid Duplicates 21Bank Rules for Consistent Bank-Feed Coding 22Bank Statement Reconciliation to Difference = $0.00 23Beginning Balance and Historical-Edit Reconciliation Fixes

24Profit and Loss Basis: Cash vs Accrual in Reports

25Balance Sheet Tie-Outs: Bank, A/R, A/P, and Equity 26Report Troubleshooting: Basis, Dates, Accounts, and Duplicates 27Closing Date Controls and Exceptions to Closing Date 28Month-End Close Checklist in QuickBooks Online

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Profit and Loss Basis: Cash vs Accrual in Reports