Accrual vs Cash

RoMart

Hi, I am a new user. Can the books be set up on an accrual basis? If so where does one do that?

Mikeg

@RoMart,
When you use the invoicing and purchase features of Wave your books are kept accrual for those two items. Any other accrual items would require journal entries. Examples would be accrued rent, accrued taxes, accrued interest, prepaid insurance etc

RoMart

Thanks, Mike. Since you are a CPA, maybe you can answer this. On QB's you can choose whether your company is on a cash or accrual basis. Can you do this with Wave? I entered an invoice to a customer but it's not showing as income.

Mikeg

@RoMart,
Wave does not have the same feature as QB where you can choose to see your income statement in either accrual or cash. However, you can view an account in either format. You would need to go to reports/account balances and change the view (top left) or if you go to income statement under reports and drill down into the details you can change it there as well. I'm surprised to hear that your invoice has not posted as sales. You may might to check the date of the invoice then the date of the income statement report.
I have many clients here on Wave that use invoicing. I actually recommend using a separate profile for invoicing and another profile to do cash basis bookkeeping. Makes it easier.