@Navneet Singhal 

Why are you concerned about your P&L on the cash basis?  You're not a cash basis taxpayer if you're deferring income.

Your P&L is unable to differentiate between cash and accrual basis because you're using journal entries to record income, not invoices.  Using journal entries bypasses QBs ability to differentiate cash vs. accrual accounting methods.  Further, you're using invoices to record a liability, not a sale, then using a journal entry to move that liability to income.  That works, but just set up your books to correspond to being an accrual basis taxpayer and forget about how QB works on a cash basis, unless you have some specific need to have another set of cash basis books.