@Rainflurry wrote:
@Navneet Singhal
Further, you're using invoices to record a liability, not a sale,- Wrong. If that is not sale then why the sales report shows sales in the month of Invoice ? Any answers pls ?
then using a journal entry to move that liability to income. - P&l shows income properly.
Ok why dont u tell me a method where you recieve 12 months subscription income in advance and how will record it in QB. Wont you defer it ? will u first record it as income on Invoice then move it out thru JE or not ? then accrue the monthly income thru JE or not ? What are you gonna do ? Guide your method pls ?
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.
If there is a feature right on top of the report and I want to learn about it then what's wrong with it? Also Why I am seriously interested is bcos I want to have my p&l report on a cash basis as well. Is that a problem ?
It's about learning the system in a practical way. If u know the answer then welcome to share else stay out pls.
