Guest
09-26-2005, 09:51 AM
QB Pro 2002
With little bookeeping and no QB experience, I became the treasurer of
a small non-profit club with sloppy cash-basis QB accounting. Some dues
and service fees (up to a third of yearly income) for the next year are
received in the current year. Some bills are not received or paid until
the following year. To make the annual financial statements somewhat
useful, I set up adjustment accounts to put these in the proper year.
The club also buys and sells some gear with the club logo, in the past
handled as expense and income. I set up an inventory account for these
transactions. Have I strayed too far from a cash basis? Is there a way
to handle these problems properly on a cash basis? Our books are pretty
simple - we have no investments or employees. Should the books be
changed to accrual basis? (I think that would involve getting
permission from the IRS)
With little bookeeping and no QB experience, I became the treasurer of
a small non-profit club with sloppy cash-basis QB accounting. Some dues
and service fees (up to a third of yearly income) for the next year are
received in the current year. Some bills are not received or paid until
the following year. To make the annual financial statements somewhat
useful, I set up adjustment accounts to put these in the proper year.
The club also buys and sells some gear with the club logo, in the past
handled as expense and income. I set up an inventory account for these
transactions. Have I strayed too far from a cash basis? Is there a way
to handle these problems properly on a cash basis? Our books are pretty
simple - we have no investments or employees. Should the books be
changed to accrual basis? (I think that would involve getting
permission from the IRS)