Today I realised that when I set up my company in Quickbooks I accidentally selected reporting on "Cash basis" instead of "Accrual basis". My company is registered with the Taxation Office as reporting on accrual basis. I have to admit that this setup has been running like this for two years already.
Of course I would like to set things right and was wondering what steps I would have to follow to move Quickbooks from Reporting on a Cash Basis to Accrual? I can't imagine that I could just go and switch the radio button in the preferences. This might end in me paying for something twice (or not paying enough)?
Any feedback would be fantastic.
By the way: I am using Quickbooks 2004 Lite, which is an Australian version of Quickbooks, I believe.