QB Issue Resolution:
“When you switch to accrual AR invoices are counted as revenue on the date of the invoice and therefore that will change prior numbers.”
Typically, this is compensated for by either filing a “short year tax form” or by Manually closing the accounting and making adjustments as needed.
“- so anything that was on AR or AP on 12/31/17 will now have to be entered somehow on the accrual basis?”
It already is All There for accrual. Cash Basis = they never were included before. Example:
You can use a Credit Memo to “close” prior AR; then make a New Invoice for the sale, dated now. Or, you edit and update dates on Unpaid transactions, to bring Accrual into Current. It also depends on what is on these transactions. For instance, it is typical for an Inventory-heavy business to have already been using Modified Cash Basis, which means lots of accrual is already being reported.
You are going to need some help from your own CPA.
Resolution for Issue 'After 9 years on the cash basis we want to switch to accrual basis. What is the best way to do this- Start a new instance of QB so as not to change previous year data?' available: Yes (Solved).
Source: Intuit Community forum.
After 9 years on the cash basis we want to switch to accrual basis. What is the best way to do this- Start a new instance of QB so as not to change previous year data?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for AR invoices
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