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Report: Profit and loss - Cash basis

Experienced Partner

124Posts

284Kudos

0Solutions

124 Posts
Experienced Partner
Australia

Hi Team

 

In AR 2011 there are two reports under Accounts/Small Business Entity - Profit & Loss (Cash) Account Trainsactions (Cash).

Smaller businesses often report BAS on a Cash basis and therefore it would be useful to also to be able to report P&L on a cash basis.

As Live Accounts is targeted at the smaller businesses, who are most likely to report on a cash basis, I feel that this should be a high priority for LA as an additional report or two.

I would like to hear whether this is felt to be a good idea, or to understand why this would not be useful.

 

Thanks a lot

 

Geoffrey

 

"Request to include Profit & Loss report on Cash Basis in Live Accounts"

Current Status: Done
Last Changed: November 2012

Done. :-)

15 Comments
Hales_D
9 Posts
Cover User

I totally agree that this is needed.  As mentioned it is based on small business owners therefore should have a cash reporting option.

Geoff_Colwill
Experienced Partner
124 Posts
Experienced Partner

HI Richard/Team

 

It would be great to have some feedback on my suggestion of 25 May?

 

Thanks

 

Geoffrey

StevePick
113 Posts
Former Staff

Hi Geoffrey,

 

I think that is a very good idea. I will talk to Richard about when that can be done. At the moment our next 4 months is fully booked.

 

Regards,

Geoff_Colwill
Experienced Partner
124 Posts
Experienced Partner

Hi Steve

 

Thanks for the feedback - 4 months will soon pass!

 

Cheers

 

Geoffrey

Ellen_Harle
14 Posts
User

Hi, 

I also agree that cash reporting is needed for small businesses. 

 

Regards,

Ellen

Ma
Partner
29 Posts
Partner

Hi Team

 

Yes I too have put forward a case for this back on 16/2/12 & really need this feature.  This has been a major stumbling block for not putting at least one client onto LiveAccounts.   My request went like this.......

 

Cash Basis reports (P&L and Account Transactio​ns)

I understand that there aren't any current plans to update the Reports available in LiveAccounts in the near future.

 

I PLEAD and BEG with you to make an exception to this and include;

1.  Profit & Loss Report on a Cash Basis, and

2.  Account Transactions on a Cash Basis

 

LiveAccounts would be the perfect solution for several of my clients except for these missing reports & hence I am hesitant to recommend they subscribe.  LiveAccounts is aimed at Small/Micro Business and the majority of these run on a Cash Basis for GST reporting etc..  The reports requested above are integral in assisting the business owners with planning & Cashflow management.

 

They are also extremely important in BAS & IAS reporting to verify information.  Determination of Cash Profit & verifcation of same is critical when determing variations to PAYG Instalments on a quarterly basis that some Accountants prefer/insist on to ensure a more accurate payment & reporting of PAYG obligations for the year, minimising the need for additional payments when the Tax Return is completed.

 

My clients need to record their Bills & Sales on an Accrual basis so that at any given time they can look into the Cloud (LiveAccounts) & see what is due, therefore, it is not practical to run LiveAccounts entirely on a Cash basis just to obtain the Cash reports, which is the only way I can see that they could be produced as it stands.

 

Please seriously consider including the above 2 requested Cash Basis reports in your next update.

 

Thank you

Ginetta Vacca GTV Bookkeeping BAS Agent, MICB, MYOB PPBK, Quicken PPBK, Certified Trainer & Assessor
Geoff_Colwill
Experienced Partner
124 Posts
Experienced Partner

Hi Steve,

Re your previous email of 16/6/12.....

Any news from your discussion with Richard regarding a timeline for the P&L on a cash basis. 

I notice that others having been asking for this passionately, for some time!

Look forward to hearing soon.

Thanks

Geoffrey

interair
1 Post
User

Hi,

 

I would also like to add to this discussion by saying that it is riduculous that cash flow reporting is not included in the live accounts software. I am very happy with all of the existing features of the package, yet am contemplating unsubscribing from the service as it is missing this key feature! I will also ask like the others, WHEN WILL THIS BE RESOLVED!!

 

Guy Day

Interair Ltd

Mike_James
Ultimate Partner
5,298 Posts
Ultimate Partner

I note that another cloud program has just added this as an option in their July update, and it would be good to see it in LiveAccounts if feasible.

Geoff_Colwill
Experienced Partner
124 Posts
Experienced Partner

Hi Steve

 

Re your email of 16 June and my follow up post on 6 July - any news on when from Richard?

 

I am not the only one chasing this one!

 

Thanks for your update

 

Geoffrey