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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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You can select which accounting method Quicken uses to present data in the applicable reports, Business tab snapshots, and the Tax Planner.
- Choose Reports menu > Reports & Graphs Center.
- Click Preferences.
- In the Select preference type list, select Reports and Graphs.
- In the Select preferences area on the right, select the appropriate option (which will apply to only the applicable business reports):
- Clear the Cash-basis reporting if applicable check box checkbox to have Quicken automatically set to accrual basis every one of the applicable business reports.
- Select the Cash-basis reporting if applicable check box checkbox to have Quicken automatically set to cash basis every one of the applicable business reports.
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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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The following terms will be different in the Canadian releases of Quicken. Canada: "Cheque" / United States: "Check" |
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This feature requires Quicken Home, Business & Rental PropertyPersonal. Learn how you can upgrade Quicken in minutes.