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Teri
Level 9

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QB - Please stop saying this about accrual-basis accounting when you are incorrect with regard to ALL GOVT CONTRACTORS ARE REQUIRED TO DO GAAP ACCRUAL-BASIS ACCOUNTING, regardless of company size, even if they are one employee/owner company.  

 

There are millions of them and many use QB that hire me after they have been misled on QB. That is exact reason I have come here to try to prevent that from happening to so many of them.

 

"Your tax basis is set by what you filed with the IRS; there is a minimum revenue level at which you are required to be on Accrual basis. Otherwise, most small businesses run on Cash Basis." 

 

The key here is MOST.  Yes, out of all small businesses in the U.S. Govt contractors as small part.

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