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My NFP clint reports Form 990 on a Cash Basis, but the financial statement on the accrual basis. How do I do this on Lacerte? Should I delete screen 39 (depreciation expense - I use this for depreciation expense calculation on the financial statement)?
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I think the key is using some type of spreadsheet or some other accounting tool to make the conversion from accrual to cash before trying to enter anything into Lacerte.
Now I will wait for the unhelpful button to be clicked so I can join my friends in the Not Helpful Club.
Slava Ukraini!
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Answers are easy. Questions are hard!
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Slava Ukraini!
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Cash basis would still have depreciation so don't delete that info.
The more I know the more I don’t know.
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I'm lonely, so I'm gonna' post just to get a no vote.
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Adjust gross receipts by the change in A/R
Adjust cost of goods sold (or similar account) for change in A/P.
Do not show A/R or A/P on the balance sheet.
This will work in most cases.
Best choice - Ask the person creating the report to give you a cash basis report.
Answers are easy. Questions are hard!
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"Negative" AR (customer prepayments received) are adjusted to be income. "Negative" AP (vendor or other prepayments you made) are part of Expense (or debt payoff). Don't overlook these values.
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