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Strange Accrual Method Issue
Has anyone else run into this problem? We just went live with NS on 9/1/12 so we haven't been looking at year-end issues ... but here is a big one.
In Quickbooks - Using Accrual method allowed you to enter a vendor invoice/bill when it was received and the transaction showed as a COGS entry for that date - and affected that month's income statement. It was not based on the payment date.
For example - a 12/10/12 inventory purchase was received and the vendor invoice/bill is entered in NS ... it should show as a COGS transaction and affect the December income statement. I know we setup our accounting method as accrual ... but all invoices/bills are showing up in the income statement ... not on the date entered on the invoice/ bill but on the date that the payment was made against the invoice/bill? Our CPA agrees with us that this is the CASH method of accounting - not ACCRUAL.
Andrew Roach
President
Drew Telecom Group, Inc