Cash Accounting and Quickbooks

jackieshep

I have just started a job in a company that uses Quickbooks. I am however used to using Sage. I would appreciate it if anybody can tell me if it's possible to complete a VAT return using cash accounting, or if I need to use a separate spreadsheet showing payments made/received.

I know that Sage doesn't really like cash accounting, so I am hoping it's better with Quickbooks.

Any comments would be much appreciated.

Many thanks

Bluewednesday

I don't understand how you say sage doesn't like cash accounting - I've never had any problems with it.

To start with - which version of quickbooks are you using?

If 2006 there is an option in the reports to print out a cash basis report or an accruals basis report.

If 2008 I'm sure it is a setting for you to select.

Claire321

In Quickbooks 2008, you can select the option for cash accounting under edit, preferences, company preferences tab, VAT (on the left hand side) then there are two options under "when do you owe VAT"

- As of invoice date (Accrual Basis)
- Upon receipt of payment (Cash Basis)

you can then select the cash basis option then I believe your VAT return should be correct on a cash accounting basis.

Kind regards

Claire

jackieshep

Many thanks for your help