What transactions affect cash-basis balance sheets?
When you run financial statements on a cash basis in QuickBooks, the results may not be what you expect. For example, you may find balances for accounts receivable or accounts payable on balance sheets run on a cash basis. This often means that your company has assigned a payable or a receivable to a balance sheet account, rather than to an expense or income account. Ask A1 Acct Inc to adjust away the accounts receivable or accounts payable balances. Or for more detailed information on this topic, consider contacting us for QuickBooks Pro training.
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