George4Tacks
Level 15
12-07-2019
10:43 AM
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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!