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Accrual basis

A bookkeeping method where you regard income or expenses as occurring at the time you ship a product, render a service, or receive a purchase. Under this method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events.

In QuickBooks, an accrual basis report shows income regardless of whether all your customers have paid your invoices, and expenses regardless of whether you have paid all your bills. To put all your reports on an accrual basis, in the Preferences window select Reports and Graphs, and on the Company Preferences tab click Accrual.

See also

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