Re: [SL] Incorrect Tax Reports

[Paul T. <pt...@wa...>]

Joseph A. Maffia schreef:
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> My two cents - As a CPA in the U.S. I would agree that the cash basis
> reporting doesn't work as perhaps it should. Other accounting programs
> that cover a similar market, ie. quickbooks allows the user to track
> receivables and payables but yet report on a cash basis. While the
> consumption tax ( i.e. Sales tax) works differently in New York State
> because it is on the accrual basis - It would still have a vary similar
> reporting problem for accrual basis taxpayers.  As sql-ledger matures
> for the international marketplace hopefully it will factor in local
> taxation differences.
>
> It would be nice to know approximately how many accountants, CPAs,
> chartered accountants are using the program for their clients. I only
> use it for one small non-profit with very little activity as it would
> not meet the needs of most of my clients. I look forward to the day that
> it could replace our citrix  and quickbooks licenses and save us some
> money. Clients that can use SqL ledger would most likely be a size that
> would file on the cash basis for U.S. Income Tax purposes. Since in the
> U.S. ( and I would guess all over the world ) the General Ledger is the
> "bible" in terms of books and records but yet SQL ledger fails in this
> key area.
>
> David, while only entering cash transactions might solve your problem it
> does create other problems such as not being able to track receivables
> and payables. I can't think of another workaround at this time.
>
> Joe
>
> www.joemaffia.com
>
>
>   
Well spoken!

I might be able to suggest an optional workaround: invoice (sell) in x 
parts, x being the number of payments agreed upon.
So in the 2 times 550 dollar example, sell one half of the goods in 
march and  apply the payment directly (cash transaction).
The other half is invoiced (AR transaction) with a payment term of 30 
days. The receipt is applied in april.

My gut feeling is that this should take care of both receivable tracking 
and tax report on cash basis?

HtH,
Paul