accounts receivable and payable
Hi everyone, we report on the cash basis but we do have accounts payable and receivables. When we look at the accruals balance sheet, the accounts payable and receivables balance to the reports. When we look at the cash reporting balance sheet, the accounts payable and receivables are reporting as negatives when they shouldn't appear at all on the balance sheet e.g the cash balance sheet is showing-$8400 as accounts receivable and -$71536 as accounts payable. Does anyone have any clues as to where it has gone wrong and how I can fix it. Thank you in advance. Melanie
Comments
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Accounts Payable & Receivable are not applicable on a Cash basis so will never be correct on a Cash-based Balance Sheet. Disregard them in there or - if you really want them omitted completely - Modify the Balance Sheet report by manually selecting the accounts to be included in the Filters tab.
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