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If you have purchased Quicken Home Business & BusinessPersonal, you can choose whether reports show income, expenses, and account balances on either an accrual or a cash basis. When you report on an accrual basis, you regard income as occurring as of your invoice dates and expenses as of your bill dates. When you report on a cash basis, you regard income as occurring when you are actually paid and expenses as when you actually pay the bills. Quicken can show the following reports on an accrual basis: Profit & Loss Statement; Profit & Loss Comparison; Balance Sheet; Tax Schedule; Schedule C; Itemized Categories. In addition, Quicken always shows the Tax Summary and Project/Job by Project reports on an accrual basis, even when you choose to report on a cash basis., |
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Your bookkeeping method determines how you report income and expenses on tax forms. You must select a bookkeeping method when you file the first tax return for your business. After that, if you want to change your bookkeeping method, you need permission from the IRS. For more information, talk to your tax professional.
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