does anyone else have a cash basis adjustment on the tax summary
Cash-basis adjustment represents add backs to account for unpaid invoices.
thanks lubos but before when we selected cash basis it used to only pick up invoices that were paid but now it is showing invoices are are also pending which should be shown in accrual basis which should not be showing on cash basis
since we only pay for the tax that has been paid by the customer and also by the purchaser
this issue was not last month can you please advise
That’s why there is Cash-basis adjustment which is taking those unpaid invoices out.
If you issue invoice for $100 and only $30 is paid, then before you saw one transaction of $30 which was amalgamation of invoice and the receipt.
Now you see $100 invoice and -$70 as cash-basis adjustment which represents the unpaid portion of the invoice.
The net result is still $30.
thank you lubos… i will try to understand this thanks for the help
but also say and invoice created in April is paid in June it doesn’t seems to pick up that invoice in the june cash basis tax summary
Sure it will. If invoice was created before the reporting period, then cash-basis adjustment will add the portion that has been paid in the reporting period. It works both ways.
Do you plan to have this kind of report also for withholding tax (grouped by single supplier)?
6 posts were split to a new topic: Clickable cash-basis adjustment when drilling-down in tax summary report