I have a client who wants to be able to run cash reports while maintaining accrual based books. We book deferred revenue and accrued salaries each year and they appear on both cash and accrual reports because the Other Current Liabilities account type is not exclusive to accrual as AP is. Is there a way to force the account type to AP - getting around the error message telling me I can't do it?
Thanks, Mike
You can always set up a vendor called "Accrued Salaries", etc and book the accrual through an invoice.
That would still place it in AP when I would prefer there be separate Accrued Salaries, Deferred Revenue, etc. accounts. I tried setting up new accounts with the type of AP and transferred the balances as of
12/31/03. Then in 12/31/04 I reversed the entries from the new accounts and booked the current year entries. But it didn't work - I still have AP accounts showing up with balances on the cash basis report. My AR entry worked and it is not appearing on the cash report.Thanks, Mike
Just set up a new account called Accrued Salaries with a type Accounts Payable, and a vendor called Accrued Salaires.
You must record the accrual as an Bill (Invoice) not a journal entrie. Journal entries always display in both cash and accrual reports.
I tried setting up
Thanks, that worked using invoices and bills. Things will be skewed in the current year but should work going forward so long as the same method is used. Why won't journal entries work the same way? They require you to enter a customer/vendor for AR/AP entries.
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