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

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@ParisL03 2 жыл бұрын

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 2 жыл бұрын

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

@Ma11oryb 3 жыл бұрын

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

@CandusKampfer 3 жыл бұрын

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

@PanelsUpSolar Жыл бұрын

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 Жыл бұрын

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/

@BillieMauler 5 ай бұрын

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 5 ай бұрын

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

@rajukanabar580 7 ай бұрын

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 7 ай бұрын

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

@JN-hp5de Ай бұрын

I’m new to QB and took over an account that is using Cash Basis, the new owner wants it under Accrual Basis. How do I convert the books moving forward? I’m a little lost :(

@CandusKampfer Ай бұрын

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

@rosenlogic Жыл бұрын

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 Жыл бұрын

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 Жыл бұрын

Thanks for the feedback!

@mrandroid2191 9 ай бұрын

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 9 ай бұрын

@DecoratingTheShackWithEthan 3 жыл бұрын

yes i look at these reports :)

@allsorts-musiccollections8474 2 жыл бұрын

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 2 жыл бұрын

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

@aramrahman4793 4 жыл бұрын

Well done

@CandusKampfer 4 жыл бұрын

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

@nancywilliams1153 4 жыл бұрын

Thanks so much.

@CandusKampfer 4 жыл бұрын

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