Cash Basis Accounting For Quickbooks

Your Step-by-Step Illustrated Manual

A Book by Certified Quickbooks ProAdvisors, Mike & Eva Russell, for Fast & Easy Business Bookkeeping & Tax Prep.

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Used by Contractors, Service-Based Businesses & Accounting Students

Don’t Delay, Learn Cash Basis Accounting in 4 to 6 Hours

Cash Basis Accounting For Quickbooks is the only book on the market that can teach small business owners cash basis secrets to help you manage their finances, save thousands of dollars, and meet important tax deadlines. Business owners like you can avoid IRS audits, late fees, or last-minute accounting fees. This book is intended to be used with most desktop versions of Quickbooks, to include Pro, Premiere and Enterprise versions.

Save Time & Money

Our book is a step-by-step, humorously written bookkeeping manual designed to help business owners who have fallen behind and need an easy, affordable way to catch up and stay current so they can file their taxes on time and save money on outside accounting fees. For students of accounting, it teaches you that Cash Basis Accounting is the foundation of accounting and should be learned before attempting the more complicated accrual method.

Topics Covered in the Book

  • Customizing a Chart of Accounts for your specific company needs
  • Reconciling bank & credit card accounts each month
  • Make money performing this work as a side gig
  • Identify company overhead for more accurate bidding and profits
  • Organizing & recording an entire year or years of business transactions
  • Being a bookkeeper for a contractor or any other service-based business
  • Recording payrolls from an outside service
  • How to track and report specific job costs

Easy Quickbooks Tutoring for Everyone

Whether you’re managing your own business, learning the foundations of accounting, or just want to strengthen your skills to offer bookkeeping services, our Quickbooks lessons can help.

independent contractors

Independent Contractors

  • Learn the ins-and-outs of cash basis accounting via Quickbooks
  • Conduct your own business accounting without the pressures of outsourcing
  • Record debit card and ATM transactions, payroll, and business expenses
  • Update accounting records using easier cash basis accounting method
service based businesses

Service Based Businesses

  • Save money each year by doing bookkeeping in-house
  • Get caught up on Quickbooks accounting as quickly and easily as possible
  • Separate direct job costs from company overhead for accounting purposes
  • Develop valuable bookkeeping skills to prevent falling behind in the future
business students & professors

Business Students & Professors

  • Discuss the ways real-life business accounting works in its simplest form
  • Learn how to bring a business that has fallen behind in bookkeeping up to speed
  • Explore the differences between cash basis accounting and accrual accounting
  • Learn tricks of the trade from premier accountants with decades of experience
Frequently Asked Questions
What are the primary differences between cash basis accounting and accrual accounting?

Cash basis accounting is used more widely across the world because it corresponds to the same method most small to medium size businesses file their tax returns. Accrual accounting is more complicated and exact, and better fit for large businesses. Also, cash basis accounting is especially useful for businesses which are behind in bookkeeping. Accrual accounting is a more appropriate option for businesses which are already up-to-date with their bookkeeping.

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Do I have to record Accounts Receivable & Accounts Payable on the cash basis method of accounting?

No, this is what makes the cash basis method much easier. We only record income when we receive it and expenses when we pay them.

Are there any expenses that can be written off my taxes on the cash basis method that I actually don’t have to pay in order to receive the benefit?

Yes, Payroll taxes and anything that you charge on your credit cards before the end of the year.

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Can I buy vehicles or equipment on the cash basis method and still receive the Section 179 bonus depreciation write-offs on my tax return?

Yes, you can even wait until the last day of the year and either make a small down payment or no down payment at all. As long as you enter into a contract by the end of the year.

If Accounts Receivable & Accounts Payable don’t get recorded using the cash basis method, then these accounts won’t show up on the Balance Sheet. Are there any other typical accrual accounts that still do show up on the Balance Sheet using the cash basis method?

Yes. Notes Payable, Payroll Taxes Payable and Sales Tax Payable are all typical accrual accounts that would still show up on a cash basis Balance Sheet.

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If I am a year or more behind with recording my business bookkeeping, which method of accounting should I use to get caught up?

You should use the cash basis method of accounting, because it’s more straight forward. You only have to record cash in and cash out, for the most part. You do not have to concern yourself with recording all the accruals. It takes a lot less time and effort and you will have the information required to file your tax returns on the cash basis of accounting.

Important Tax Deadlines

Mar

15

Deadline for corporate tax returns

Jul

15

Extended Deadline for corporate tax returns

Sept

15

Final deadline to file corporate tax returns

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Meet the Authors

Mike & Eva Russell Certified Quickbooks ProAdvisor

Mike & Eva have over 50 years of combined experience in business bookkeeping and tax preparation services. Together, they’ve helped countless small business owners and accountants understand how to use Quickbooks and grow their businesses through financial literacy.

Mike has been a Certified Quickbooks Professional Advisor since 2003 and Eva since 2005.