On Sat, 11 Sep 2021, Steve Morrow wrote:
I spent much of today evaluating GnuCash for use with my U.S. based small business. I found it to be robust in its functions.
Unfortunately, it only supports the accrual accounting method (income and expense recognized when invoiced or billed). My business uses cash accounting method (income and expense recognized at time of receipt or payment). I highly recommend an enhancement to add an accounting method option for accrual or cash method.
Steve, Permait me to disagree. I've run my sole professional services practice for 29 years using GnuCash for ... many, many years. For both personal and professional. Years ago I had the same perception as you. Discussing this with my accountant I learned how to use cash accounting. When I send an invoice to a client (typeset using LaTeX, not generated by GnuCash) I don't enter it into Accounts Receivable until I receive the check (or wire transfer). When I have the money I enter the invoice, post it, and pay it recording the payment details. Works like a charm. If you have more questions ask. Stay well, Rich _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
