Under Cash basis of accounting, of course, there’s no
Accounts Receivable account on the Balance Sheet.
Because the new
Summary screen is essentially just a Balance Sheet and an Income Statement, then, businesses running under Cash basis can’t see their receivables on the
That’s a limitation. Receivables are still important for cash-based businesses, and the current status of receivables is something that should be shown on an operations snapshot for all businesses. It’s something that should be shown on the first screen, every time, no clicking required.
While I know one can change the
Summary setting to Accrual so he can see receivables, that would affect Net Income and other figures, so the
Summary would lose some relevance for a cash-based business.
Without changing the paradigm of the
Summary functioning as a Balance Sheet and Income Statement, is there some middle ground that would at least give a 10,000-foot view of receivables and payables as well? Could a separate section be added to the top of the
Summary screen for Cash-based businesses, with key operational snapshot information including most importantly
Accounts Receivable (preferably with ageing) and