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Niki C
March 29, 2022
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Setup Accrual Basis Accounting in QB Desktop 2020

  • March 29, 2022
  • 1 reply
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I'm a new QB user, but a very frustrated experienced accountant. In the original company setup I selected accrual accounting. On the Home Page I saw the process flowchart for accrual basis accounting - accounts receivable, payables, etc. I am sure I did something to cause it (??), but now the process flowchart appears to reflect cash basis accounting - entering bills and creating sales receipts.  This is such an incredibly basic question that it is embarrassing, but how do I make the change back to accrual basis accounting?

 

Thanks in advance.

 

Niki

Best answer by DivinaMercy_N

I know a way how you can include some features on the home page, @Niki C.

 

To do so, let's check your Desktop View preferences. From there, you can select the features you want to show on the Home Page. Here's how:

 

  1. In your QuickBooks Desktop (QBDT) program, click the Edit icon.
  2. Next, choose Desktop View.
  3. Then, select Company Preferences.
  4. From there, check the features you want to show on the Home page.
  5. When done, click OK.

 

After that, close and reopen the program. Then, check the Home page if you can now see the Invoice shortcut icon. 

 

Also, feel free to open this guide to further assist you in managing your customer's transactions: Get started with customer transaction workflows in QuickBooks Desktop.

 

I'm always willing to help you in case you have any other concerns about the shortcut icons on your QBDT home page. Just leave a reply below and I'll get back to you. Have a great week ahead.

1 reply

MJoy_D
MJoy_D
March 29, 2022

I can definitely help you with updating your accounting method in QuickBooks Desktop (QBDT), @Niki C.

 

You can set your preferences from the Edit menu. But first, make sure to you are in a Single-User Mode and logging in as the Administrator of the company file. 

 

To switch between modes, go to the File menu, then select Switch to Single-user Mode or Switch to Multi-user Mode.

 

Once done, follow the steps below:

 

  1. Go to the Edit menu and click on Preferences.
  2. Choose Reports & Graphs, then hover over the Company Preferences tab.
  3. Proceed to the Summary Report Basis section, select Accrual.
  4. Click on OK to save the changes. 

 

Here's an article that tells you more about the accounting preferences and how to switch between the two preferences: Differentiate Cash and Accrual basis. 

 

You may also consider running a report to see how your business is performing by displaying the amount of cash that moves into and out of your company over a specific period: How to run a Statement of Cash Flows.

 

I'm always here if you need more help with those accounting methods or anything else by leaving a reply below. Have a great rest of the day!

N
Niki CAuthor
March 30, 2022

Thank you for your help MaryJo. The Accrual Basis under Preferences was already checked so I guess the next question is why the homepage process flowchart only shows "Enter Bills" as the only option under Vendors  and "Create Sales Receipts" as the only option under Customers? The process flowchart leaves out "Create invoices" and "Receive Payment" for example. What are the steps to see the full homepage process flowchart?

 

DivinaMercy_N
DivinaMercy_NAnswer
March 30, 2022

I know a way how you can include some features on the home page, @Niki C.

 

To do so, let's check your Desktop View preferences. From there, you can select the features you want to show on the Home Page. Here's how:

 

  1. In your QuickBooks Desktop (QBDT) program, click the Edit icon.
  2. Next, choose Desktop View.
  3. Then, select Company Preferences.
  4. From there, check the features you want to show on the Home page.
  5. When done, click OK.

 

After that, close and reopen the program. Then, check the Home page if you can now see the Invoice shortcut icon. 

 

Also, feel free to open this guide to further assist you in managing your customer's transactions: Get started with customer transaction workflows in QuickBooks Desktop.

 

I'm always willing to help you in case you have any other concerns about the shortcut icons on your QBDT home page. Just leave a reply below and I'll get back to you. Have a great week ahead.

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