Cash vs Accrual Reporting in QuickBooks with Candus Kampfer QBO QB Pro

[@Ma11oryb]

Thanks! I am starting an internship, and I will be learning to use quickbooks.

[@CandusKampfer]

Wonderful! Glad the video helped you, Mallory 😊 Have an amazing day! Elaine - Team Candus P.S. If you would like to follow her, click the links below ↓ *Facebook:* facebook.com/CandusKampfer/ *Instagram:* instagram.com/candus.kampfer

[@ParisL03]

Somebody is watching over me and helping me, your video appear as a suggestion :) I found out yesterday that in QuickBooks Desktop I'm using the Accrual basis and that my accountant did our taxes as a Cash basis and I have being trying to find out if I need to switch the way I was doing it and how am I going to this, not knowing that you can actually use both and is more useful. Thank you for your help, can't wait to learn much more from your workshop.

[@CandusKampfer]

That is awesome! Thank you for sharing Kary 🙂 Elaine Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer

[@nancywilliams1153]

Thanks so much.

[@CandusKampfer]

Yay! Glad it worked for you Nancy. If you would like to follow her, click the links below ↓ *Facebook:* facebook.com/CandusKampfer/ *Instagram:* instagram.com/candus.kampfer Have an amazing day 🙂 Elaine - Team Candus

[@DecoratingTheShackWithEthan]

yes i look at these reports :)

[@ahmedalkhuzaay4277]

thank you 🌺🌸

[@CandusKampfer]

You're welcome Ahmed 😃 Thank you for being part of Candus' community! Elaine-Team Candus

[@aramrahman4793]

Well done

[@CandusKampfer]

Yay! Glad it helped you Aram. If you would like to follow her, click the links below ↓ *Facebook:* facebook.com/CandusKampfer/ *Instagram:* instagram.com/candus.kampfer Have an amazing day 🙂 Elaine - Team Candus

[@BillieMauler]

what if you do not have your customer invoices in QBO, as we use another system for customer billing. How do I add the invoiced amount per month in QBO? to run an accrual PL

[@CandusKampfer]

Hi Billie, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@PanelsUpSolar]

Under our inventory in QBO our inventory is WAYYYY off under cash vs. Accrual. Accrual is much more accurate but our accountant files our taxes based on cash. What are we doing wrong?

[@CandusKampfer]

Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@rajukanabar580]

Hello I am an accountant How do you accrue expenses and allow for prepayments at year end ??? I dont want to be using purchase ledger or sales ledger for accruals and prepayments

[@CandusKampfer]

Hi, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@mrandroid2191]

Cash basis. If I sold an item in Jan 2024 I get paid. How do I account for that item if I purchased it in Dec 2022.

[@CandusKampfer]

Hi, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@allsorts-musiccollections8474]

Thank you for sharing this Candus. Question though - If our QB is set to Accrual by default, how do you extract P&L report under Cash method? We just did that following the steps you showed in the video but the Total Income amount seem to include $$s that are part of the accrual.

[@CandusKampfer]

Thank you for reaching out Maria 🙂 I'll make sure your question is added to Candus' list of future Tips & Tricks ideas. If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips Have an amazing day! Elaine Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer

[@rosenlogic]

why would my accountant ask for a cash basis end of year comparison to do my taxes when i run everything accrual basis year-round? i'm afraid she's just asking so there's more work to pad the bill, but maybe there's a good reason for it that i'm not seeing? obviously i can't ask her this haha. thanks in advance for any help

[@CandusKampfer]

Hi! It could be that your accountant is wanting to see if you can save on taxes if you file as a cash based business rather than accrual. 😊 Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@rosenlogic]

Thanks for the feedback!

[@robertcradle1952]

Thanks for the tips!

[@CandusKampfer]

Happy they helped :) Thank you for being a part of our community! Mckenzie Team Candus