When importing financial data from QuickBooks into LodgeiT, you will be asked to select an Accounting Method. This determines how income and expenses are recognized in reports and tax lodgements.
Choosing the correct method is important to ensure your reports match your financial records and compliance requirements.
- Accrual Basis. Income and expenses are recorded when they are earned or incurred, regardless of when cash is received or paid.
- Cash Basis. Income and expenses are recorded only when cash is received or paid.
Ensure the selected method matches your QuickBooks report settings.
Using the wrong method may cause:
- Mismatched totals
- Incorrect tax reporting
- Reconciliation issues
The amout will vary base on the method, Related guide: Importing Financial Statements from 'QuickBooks Online'