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Is there plans to offer a Balance Sheet on Cash based accounting. The ATO does allow for small business owners to actually Report their Balance Sheet on a Cash Based accounting system.
Can this actually be checked with the ATO and if it's allowed, add the Cash Based Balance Sheet option.
The Accrual Balance sheet report is actually incorrect for a Cash Based accounting system. Reason is that there's outstanding invoices that have Accrued GST that need to be deducted.
GST has to be adjusted, the Retained earnings have to be brought forward and Trade Debtors need to be removed.
Put simply it should be possible to run a Balance Sheet for Cash based accounting. The ATO does allow for this.
Something that may be added to a future release?
"Balance Sheet on Cash based Accounting"
I agree a lot of accountants ask for cash balance sheet.
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