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What is the impact of setting Tax Reporting Cash Basis to true?

edited May 17, 2023 2:34AM in Ask A Guru 3 comments

IN "Set up Tax" preference page, there is a check box for Tax Reporting Cash Basis.

My expectation is if I create a customer deposit from sales order, the tax is already recognized since we already received cash. But when I test in Sandbox, the tax is still in Invoice record.

So what is the actual impact of this check box?

Can someone explain from a non-accountant perspective. Thank you.

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