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Rebecca80
December 3, 2023
Question

Cash & Accrual Reporting

  • December 3, 2023
  • 1 reply
  • 0 views

Hi, please help!

I did a transaction report in accrual and did the same report in cash.

There are items on accrual not in cash, however there are items in cash not in accrual. I need to see a clear view of what has happened in the year, but it seems to me I have to run both of them and remove the duplicates, which for me seems ridiculous and time consuming. Additionally this is reflected in the P&L and Balance sheet, so I am actually unable to just pull off an accurate report. Whats going wrong?

1 reply

G
GebelAlainaM
December 3, 2023

Hello there, @Rebecca80.

 

I'll ensure to share information with your concern about the cash and accrual reports in QuickBooks Online (QBO).

 

Cash and Accrual are different types of methods. When we use the Cash accounting, it records income and expenses as they are billed and paid. If we pull up a report with this method, it counts income or expenses only once you get a payment or pay a bill. 

 

Accrual accounting records income and expenses as they are billed and earned. In reports, it will count income and expenses regardless of whether the transaction is paid or not. That said, it's normal that sometimes, each method has different transactions when you run a report. 

 

Please check out this article for more information: Choose between cash and accrual accounting methods in QuickBooks Online.

 

I'll be leaving this article for future reference in case you want to download your data from QuickBooks: Export reports, lists, and other data from QuickBooks Online.

 

Keep me posted if you have concerns or clarification in managing reports in QuickBooks. I'm always here to assist you.

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