QB Issue Resolution:
The only way to make QB use true accrual accounting is to use progress invoicing, where each month during the project you invoice for that months expenses + markup. The invoice sits open until the job is paid.
Since the client most likely wants a single invoice for the job, that poses an issue to some extent. You would create the final invoice, then issue the client a statement which would show all invoices and the total amount due. A simple explanation that your accounting program requires it be done this way is usually sufficient to placate the client.
Payment received would then show in cash basis accounting as it should, on the date of reciept.
Resolution for Issue 'Cash Basis vs. “True” Accrual Basis' available: Yes (Solved).
Source: Intuit Community forum.
Cash Basis vs. “True” Accrual Basis: 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 accrual basis
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Error Recovery for accrual basis [Canada]
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