A/R cash vs accrual
Why do different amounts show up for A/r if you run a cash vs accrual balance sheet?
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aORZQkrNqr3QVhacfA8pyY
05/21/09 7:00pm PDT
Viewed by asker 11/19/10 7:34am PST
Viewed by asker 11/19/10 7:34am PST
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Michelle Long CPA
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05/22/09 7:11am PDT
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On the accrual balance sheet, you see all accounts receivable. On a cash basis balance sheet, there really shouldn't be any accounts receivable--you don't recognize the income until you receive the money. However, if there was another balance sheet account involved with the receivable (like retainage, a deposit, inventory, etc.), then it will show that balance only.
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Michelle L. Long, CPA, MBA
Author of the book "Successful QuickBooks Consulting: The Comprehensive Guide to Starting and Growing a QuickBooks Consulting Business"
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