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Does anyone know how to run financials on cash basis?
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This is a matter for a CPA and is not a function in GP. Typically, GP is set up as Accrual since sales invoices are posted immediately into Receivables.
I expect that you need to print your financials differently so that Receivables do not show as assets, et cetera.
so are you saying there is no way to select cash basis, like can be done in other programs. That is what I am reading. Just want to be sure. Looks like entries have to be made to back out the payables and receivables.
GP will let you run two sets of book in the gl set up.
that would therefore imply that yes you need to make entries.
you could consider an "elimination" company that you could then incorporate into Management Reporter that would then show the new as cash vs accrual in the original.
What other programs that you refer to have an option to print cash vs accrual statements that also do not require entries?
A receivable is a receivable and a payable is a payable and if you are going to allow customers to purchase on credit or purchase on open account you are doing accrual accounting. However, you can change how things are reported. Ian's idea of an elimination company is one solution.
But, no there is not an Accrual/Cash switch in GP.
Hello,
Few years before one of our prospective client was having same kind requiment. He wanted all transactions as cash basis. We found ISV solutions - unfortunetly I didn't remember name of company. They was having solution which was creating another set of GL Account and assigning all entry. So when you create Receivable Entry it was creating Cash basis transaction in another set of GL Account.
You need to contact Microsoft and find ISV provider details.
Thanks
Sandip
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