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Quickbooks Cash Reporting

Forum|Forum|3 years ago
April 6, 2023
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Quickbooks cash basis reports are utterly lacking. Anyone have a workaround? Every single journal entry is applied as if it's cash and that's just not true.

QuickBooks Online

Best answer by Rasa-LilaM

I appreciate the additional information you've provided, Meggers.

I recognize how vital for your company to have accurate financial records. This ensures you can accomplish your year-end activities on time. Also, information on your taxes and forms is in order.

The addition of a specific function to the journal entry to assist users in determining if the cash will have an impact on the Profit and Loss statement and Balance Sheet report is a great feature. Our product engineers are creating and taking into consideration design updates for upcoming releases.

Follow these steps to send your feedback:

In QuickBooks Online (QBO), go to the Gear icon in the upper right and choose Feedback under Profile.
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To stay up to date on the newest product releases and improvements, check out the QuickBooks Blog. Also, the following links provide resources that will help you complete your accounting tasks and information on the various reporting methods:

Fill me in if you have other questions about reports and other QuickBooks-related tasks. I'll get back and help you the best that I can.

J

JamaicaA

Hello,

I'd be glad to help you with any concerns you may have about QuickBooks Cash. To do this, may I know if you have any issues with your journal entry or any other reports? Please know that any additional info can help us provide an accurate resolution.

Feel free to add your concerns in this thread. I'll be on a look out for your responses. Have a great day.

M

MeggersAuthor

My biggest issue is that Quickbooks is not reporting the cash P&L and Balance Sheet correctly. Which is a major problem come tax time. Accrual methods of reporting are really helpful for management reporting while the cash report is critical for year end purposes (in most cases).

My guess is there are other issues but the main issue with Quickbooks method of cash reporting is that all JEs made are instantly considered cash JEs. There NEEDS to be a feature on the JE that asks (or intuitively knows based on the COA) whether or not it should or shouldn't affect the cash P&L and Balance Sheet.

For example, client has a check expense for $12,000 for their insurance payment for the whole year. A JE is made to move the appropriate amount to the Balance Sheet because this is a Prepaid Expense. The cash P&L report SHOULD read the $12,000 expense. The accrual P&L should only have the $1,000 insurance expense ($12,000 divided by 12 months) reflected.

R

Rasa-LilaMAnswer