Accrual Accounting

Does Goldenseal handle accrual accounting?

Sure. You don't need to do anything special to use Goldenseal accounting software for accrual accounting (which bases expense on when the expense happens, and income on when it is earned).

HINT-- Goldenseal accounting software also works great for cash accounting.

Accrued Income

For customer sales, Goldenseal automatically accrues income when a Sales transaction is entered (whether or not it is paid on that date).

For project work, Goldenseal accrues income when a Billing Record is entered for work on the project, based on the work completed to date.

To see accrued income in more detail, choose Income from the Reports menu, and choose the submenu for the type of income you want to see.

Accrued Expenses

Goldenseal accrues expenses when you enter the original expense record-- a Labor Hours, Material Purchase, Subcontractor Cost or Other Cost record.

To see accrued expenses in more detail, choose Expenses from the Reports menu, and choose the submenu for the type of expenses you want to see.

Other Accrual Accounting

To see a snapshot report of accrued income and expenses, choose Financials from the Reports menu, and choose Income Statement from the submenu. Enter a date range and click the Update button to see a summary of accrued income and expenses during the period.

The Job Costs command is also a good way to see income and expenses for specific projects or overhead accounts. Job Costing is particularly good if you work on large projects, since it often works better to view income and expenses over the lifetime of each project, rather than trying to see it for specific time periods.

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