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PDtax
PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1890
Experience:  32 years tax experience, including four years at a Big 4 firm.
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Hi. I have a quickbooks question.

Resolved Question:

Hi. I have a quickbooks question.
Submitted: 1 year ago.
Category: Tax
Expert:  RichieMe replied 1 year ago.
Thanks for your Question. My name is XXXXX XXXXX I look forward to assisting you.

Can you tell me your question please?

Thank you

Customer: replied 1 year ago.

Hi...


 


I need a Quickbooks professional...an accountant....or tax attorney.... I am new to this ... how do I proceed to get an accountant...

Expert:  RichieMe replied 1 year ago.
What is your question?

where to rent an account for bookkeeping?

Customer: replied 1 year ago.

Hi...


 


My question is solely for an accountant, a practicing accountant....


 


Thanks though

Expert:  RichieMe replied 1 year ago.
ok, then I will transfer the question to an account.

Customer: replied 1 year ago.

Thank you....

Expert:  RichieMe replied 1 year ago.
ok
Expert:  PDtax replied 1 year ago.
Welcome to the site. I am a CPA.

What is your question?
Customer: replied 1 year ago.

Hi!


 


I have a training company.


 


I run on a cash basis (not accrual).


 


When I have invoices that go unpaid, I wanted to make an item called unpaid invoices and make that account income so that it would show up as negative income. An acquaintance says I cannot do that. He said to simply back them out so they do not show up on the P&L. Here are my two questions.


 


Do I void the invoice?


Zero out the prices?


Delete the invoice?


 


I do not know how to proceed. I do understand that on a cash basis, I cannot do this...but how do I handle the open invoices? Which of the three options above is the CORRECT way to handle this.


 


And, regardless of your answer above....


 


How do I show a loss for paying for shipping of material and the actual cost (my cost) of the materials that I never received payment for?

Expert:  PDtax replied 1 year ago.

1. As long as you set up your income statement on the cash basis (tax too), you can keep a writedown account for those receivables you can't collect. The key is to use a reduction account to your accounts receivable, and not a negative income item. The easiest would be to delete out the invoice that recorded the sale, so that receivables would be correct and so would cash sales.Your cash basis income would be correct (sales is just what's collected in cash, and expenses are just what's paid in cash). Your accounts receivable records will show the in and out of the transaction, so you will have a record of uncollected sales (bad debts). Your writedown records will come from a review of your adjusting entries at year end, instead of a negative income item. Part 2, your amounts paid for shipping and the cost of material are already in those expense items QuickBooks keeps track of. You are getting the tax benefit for those items already. Thanks for asking at Just Answer/PDtax.

PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1890
Experience: 32 years tax experience, including four years at a Big 4 firm.
PDtax and 6 other Tax Specialists are ready to help you

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