- October 10, 2017
- Posted by: wp
- Category: QuickBooks Desktop
Now, to choose the accounting basis of your QuickBooks financial reports, you had to either set a reporting preference or open the customize report option to select either cash or Accrual. With QuickBooks 2018, you can previously between cash and accrual basis reports with one-click of the new toggle button located at the top left of your reports.
What is Accrual basis?
- An Accrual Accounting is the accounting when entering a transaction and the actual receive or pay are two different events.
- An Accrual Basis shows income irrespective even if customers have paid invoice and expenses and also irrespective even if you have paid your all bills.
What is Cash basis?
- It is a Bookkeeping method where you will receive a payment or bill in regard to income or expenses as occurring.
- When you have received cash then only you can see income. But if you have paid cash then only you can expenses.
- The cash- basis report will not include the income if you have not get the invoice for payment.
If you use a reporting preference or we need to open the customize the reports. You can switch between them with just a single click, and Button is created at the top left of your reports.
QuickBooks 2018 Desktop New Cash- Accrual Report Toggle feature
If you want to get a summarised reports you need to configure setting according to your requirement. Also, the detailed reports are set to default and are computed and displayed on an accrual basis in the Quickbooks.
In the QuickBooks 2018 either we had to manually customize the reports from the customize report click or had to change the report preferences.
In Quickbooks 2018 will make changing your accounting basis easier than ever. When you want to change the basis you need to open the customize report option. And select the accounting basis from the display click.
QuickBooks 2018 Desktop gives you the accounting information which you want on the reporting basis you need at the click of a button.
Read more Article:
- QuickBooks 2018 Desktop: Invoice Past Due Stamp
- Multi-Monitor Support features in QuickBooks 2018
- Enhanced Inventory Reports- What’s new in QuickBooks Desktop 2018