Is there a way to switch from accrual accounting to cash accounting?
Question asked by Stuart Farrington 8 years ago
I know accrual accounting is used for larger businesses, however smaller businesses in the UK with an annual income of Â£81,000 or less a year have the option of using cash accounting instead, see https://www.gov.uk/simpler-income-tax-cash-basis/how-cash-basis-works
I previously used Quick Books which had the option to switch to cash accounting view, is there a similar option within Clear Books?
I'm sure there must be a good number of small businesses in the UK (and elsewhere) who use cash accounting and if this option doesn't exist within Clear Books then I think it's something that needs to be considered for the future.