Download - Cash Method in Quick Books 2008
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QuickBooks Accounting
Presentation on Cash Method in QuickBooksPrepared by: Hammad Khalid
Superior University
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Choosing an Accounting Type Cash or Accrual?• A. Cash accounting
• The practice of recording sales and expenses only when cash is actually received or paid out.
• B. Accrual accounting• The practice of reporting income when earned and expenses when incurred
Businesses with inventory (e.g. retailers) must use this method.
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Cash Accounting
Advantages• Cash accounting
requires less staff and financial resources
• Cash accounting clearly represents cash flows
• Cash accounting (sometimes) provides tax benefits
Disadvantages• Cash accounting can
misrepresent your company’s financial position
• Cash accounting doesn’t conform to GAAP
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Cash Flow Money In and Money Out
Money In Money Out
CUSTOMERS
Sales
Services / Products
Out
VENDORS
Expenses
Services / Products
In
YOUR BUSINESS
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Creating Reports
• When you create reports in QuickBooks, you can
switch between cash and accrual reports at any time,
regardless of which bookkeeping method you have
chosen for tax purposes. Superior University
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Change Business Report
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Modify Report
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Chang to Cash Method
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Report Change to Cash Basis
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