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QuickBooks
Common Errors on a
Cash Basis Balance Sheet
Terry Stone
Business Performance Solutions, LLC
802-878-3550
3 Most Common Errors
A/R & A/P - Dating a payment BEFORE
the invoice or bill date
A/R & A/P - Not “applying” payments to
invoices or bills
Entering the sale of an inventory item
BEFORE entering the purchase & bill
details
Cash-Basis Balance Sheet
items that are NOT errors
Accounts Receivable:
Outstanding invoice with sales tax
Outstanding invoice with inventory
Accounts Payable:
Outstanding Bill for inventory
Outstanding Bill for assets purchased
Credit Card balance moved to A/P
A bank or vendor loan posted as a bill
Payroll Tax Liabilities:
cash OR accrual - when using the QuickBooks
payroll system the employer taxes will post to
the expense and liability accounts