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<blockquote data-quote="TexasBred" data-source="post: 492671" data-attributes="member: 6897"><p>I'm certainly not a CPA but something sticks in my mind that in the past only corporations and certain other entities can use accrual accounting. This certainly could have changed by now. However, accrual accounting does require a much better understanding of accounting as you have all the things mentioned above as well as deferred items, prepaid items which must be carried out over the term of the item. ie 12 month insurane policy you set it up as a prepaid item whn you write the check then recognize 1/12 of the expense each month. Many more journal entries as opposed to simple receipts and disbursements.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 492671, member: 6897"] I'm certainly not a CPA but something sticks in my mind that in the past only corporations and certain other entities can use accrual accounting. This certainly could have changed by now. However, accrual accounting does require a much better understanding of accounting as you have all the things mentioned above as well as deferred items, prepaid items which must be carried out over the term of the item. ie 12 month insurane policy you set it up as a prepaid item whn you write the check then recognize 1/12 of the expense each month. Many more journal entries as opposed to simple receipts and disbursements. [/QUOTE]
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