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T
TTTT2
April 10, 2022
Question

How to choose between cash basis or traditional accounting systems

  • April 10, 2022
  • 1 reply
  • 0 views

It seems that cash basis accounting is the default option for quickbooks, I can't see any way to change it to traditional, am I missing the option?  

 

I spoke to an advisor in the chat but she didn't know what cash basis or traditional accounting were let alone if it could be changed!

1 reply

Rubielyn_J
Rubielyn_J
April 10, 2022

Let me provide some information between cash basis and traditional accounting systems, @TTTT2.

 

Cash and accrual are two methods that report your income and expenses differently. Once you change your accounting method, accounts and balances in your reports might show up differently.

 

I recognize how relevant changing the accounting method to your business is. Currently, cash basis accounting is the default option for QuickBooks Self-Employed.

 

At times, we roll out enhancements based on our customer's requests. That being said, I suggest sending a recommendation to our product developers. They'll review this idea and might consider updating it in the future.

 

Here's how:

 

  1. Go to the Assistant option at the top right corner.
  2. Type in Submit Feedback.
  3. Select Add a feature.
  4. Enter your suggestion and click Yes.

 

I also encourage you to visit this resource that will guide you to learn the basics of QBSE. QuickBooks Self-Employed Overview.

 

As always, add a comment below if you have any other questions about managing your accounting method in QuickBooks. I'm here to help always. Take care!

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