Members Super_Donut_Man Posted July 3, 2008 Members Share Posted July 3, 2008 If you are using Cash Based Accounting, and not Accrual based accounting, you would book a payroll on the date it was paid, and not on the end of the pay period, right? Link to comment Share on other sites More sharing options...
Members lokidecat Posted July 3, 2008 Members Share Posted July 3, 2008 With cash, you recognize the expense when it's paid.With accrual, it's when you're obligated to pay it. Link to comment Share on other sites More sharing options...
Members Renfield Posted July 3, 2008 Members Share Posted July 3, 2008 I like Walnuts. Link to comment Share on other sites More sharing options...
Members thelurker Posted July 3, 2008 Members Share Posted July 3, 2008 um... Drop D? Link to comment Share on other sites More sharing options...
Members Super_Donut_Man Posted July 3, 2008 Author Members Share Posted July 3, 2008 With cash, you recognize the expense when it's paid.With accrual, it's when you're obligated to pay it. Yeah, try arguing that to my new boss, who apparently has never heard of cash based accounting (really he has not). Wasted 1.5 hours of my life trying to explain it to him. And now he is going to talk to the CFO, and this is what is going to happen: 1) He is going to be told that it is the way that we have done it since we have been in business, because we are cash based. 2) He is then going to tell me that he was telling me that the whole time, and that I was in the wrong. 3) He will loose any shred of respect that I had for him. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.