Overview
Put most simply, cash basis accounting focuses on cash flow, recognizing business transactions when the money actually flows into or out of your business. (For example, when a tenant pays you, or when you actually pay an expense.)
Accrual basis accounting dates business transactions when the money is earned or the expense is incurred, regardless of when money changes hands. (For example, rental income is dated when you charge for rent, regardless of when the tenant pays. An expense is dated when you received the goods or services, not when you actually pay for them.)
In DoorLoop, you can run reports in either cash or accrual basis.
View Reports in Cash or Accrual Basis
On the Accounting or Business Overview reports in DoorLoop dealing with income, you have the option of running them on a Cash or Accrual basis.
To view a report in either cash or accrual, go to Reports and click on any report dealing with income, such as a Balance Sheet, Profit and Loss report, or Cash Flow Statement.
In the group of filters and settings at the top of the report, one will say Accounting Method if this report is available in either the Cash or Accrual accounting method.
Select either Cash or Accrual, depending on your need.
Tip: By default, DoorLoop uses the Cash Accounting Method. If you frequently use one of these reports in the accrual accounting method, you can use your browser to bookmark the report while it is configured for accrual accounting. Then, you can use this browser bookmark whenever you need this report.
Disclaimer
The information provided is not offered by a licensed accountant, should not be considered accounting, financial, or legal advice, and is provided (and intended) for general informational purposes only. Do not rely on the information provided; rather, please verify applicable accounting laws and regulations independently. This information should not be considered a substitute for professional advice and does not offer Generally Accepted Accounting Principles (GAAP). The author and publisher are not liable for any damages or losses resulting from reliance on this information.