Re: Close books trashes Income Statement and Net Income on Balance Sheet

[JT Morée]

--- On Mon, 2/8/10, Derek Atkins <warl...@mit.edu> wrote:
> If you perform Cash
> based accounting then you need to apply your Income and
> Expense when the
> payment happens, not when you book the invoice/bill. 
> So in this case
> the invoice/bill txn does NOT apply to the period in which
> it is dated.

I don't see how having a fake/unique/reserved date fixes that problem.  If 
someone puts invoices in the books on a cash system when sending them there 
will be skewed data no matter what date it's on.  



      
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