On 3/11/2025 11:27 AM, Todd Gould wrote:
My apologies for the confusing wording. I do mean cash basis.
Sadly, we do also need to invoice, so.... the question remains
OK, I'll describe the workarounds: It IS extra work. I'll first explain
in terms of the context of organizations.
Some organizations keep books cash basis but want/need to invoice
membership (membership statements). The solution to switch to accrual
basis isn't right either because the amounts billed are not legally
receivable (members are under no obligation to renew). Some businesses
(those selling "on approval") are in a similar position. ONE solution is
a separate set of books used only to produce invoices. In other words,
books on the accrual basis, that produce invoices. IF/F willing to do
extra work can track paid/outstanding. But payments received recorded in
the cash basis books (duplication of effort, but if wanting to see whats
outstanding, also in the accrual books).
A business can do this also, and here wold want to enter payments in
both sets of books (you want to know who to nag). A business that
REPORTS cash basis can also keep books accrual and prior to reporting,
make the correcting transactions, report, back out. How much extra work
would depend on frequency of reporting and how many accounts affected
(for that report).
Michael D Novack
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