Grindstone1
03-25-2010, 02:31 PM
Hello Everybody !
I have been using Quickbooks for many years. When I recently started my S-corp I decided to use Quickbooks more indepth to create Accrual Reports as we run in the cash basis. I have always done Accrual manually on the side in excel. I use 2010 Pro.
I got the Accounts Receivables (income) set up and the Vendors (expenses) and those parts were displaying correct whether the P&L Statments were cash or accrual. Now the part I couldn't get to work was the Employee paychecks. The reports always shows paychecks in the cash basis, when the checks were paid not by pay period. Is there anyone who has been able to make this work and can you tell me how you do it? If not then maybe another suggestion how a good way is to do Accrual Accounting along side Cash.
So I called Intuit and worked with 2 different techs, one even took control of my screen so we could show each other what was going on. The last tech told me that it is a "limitation of the program" and couldn't be done :confused:. Now if that is true that means that all Accrual reports in Quickbooks are incorrect, but what about companies that only do Accrual and dont use the Cash basis. One way to get around it is to reclassify all Employees as Vendors and since I use a payroll service I might be able to get away with it but it wouldn't work if I decided to do payroll in house as I'm considering.
Thanks for your help !! :)
I have been using Quickbooks for many years. When I recently started my S-corp I decided to use Quickbooks more indepth to create Accrual Reports as we run in the cash basis. I have always done Accrual manually on the side in excel. I use 2010 Pro.
I got the Accounts Receivables (income) set up and the Vendors (expenses) and those parts were displaying correct whether the P&L Statments were cash or accrual. Now the part I couldn't get to work was the Employee paychecks. The reports always shows paychecks in the cash basis, when the checks were paid not by pay period. Is there anyone who has been able to make this work and can you tell me how you do it? If not then maybe another suggestion how a good way is to do Accrual Accounting along side Cash.
So I called Intuit and worked with 2 different techs, one even took control of my screen so we could show each other what was going on. The last tech told me that it is a "limitation of the program" and couldn't be done :confused:. Now if that is true that means that all Accrual reports in Quickbooks are incorrect, but what about companies that only do Accrual and dont use the Cash basis. One way to get around it is to reclassify all Employees as Vendors and since I use a payroll service I might be able to get away with it but it wouldn't work if I decided to do payroll in house as I'm considering.
Thanks for your help !! :)