Tuesday, February 12, 2013

I use cash basis accounting however, the payroll liabilities are ...

I use cash basis accounting but payroll liabilities are accruing as of the payroll date.??This makes my profit and loss reports for my cpa off.? How can I fix this?? I have the same problem with items I buy and then sell.? The P&L report shows "cost of goods" based on the cost of what I sell, but on a cash basis I need it to just show what payments I actually made to purchase goods.

Source: http://community.intuit.com/posts/i-use-cash-basis-accounting-however-the-payroll-liabilities-are-accruing-as-of-the-payroll-date-not-the-date-i-make-the-tax-payments-this-makes-my-pl-reports-all-wrong-how-can-i-fix-this

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