CNA L&P - Changing from Cash to Accrual basis

 

In ConnectNow Accounting, can I change from Cash Basis Accounting to Accrual Basis?

 Yes, you can change your basis of accounting, ParishSOFT will have to make that change for you.

 
It is not difficult for ParishSOFT to make the change.  If you were to go to accrual basis, the system will treat all the transactions in the system as if they were on an accrual basis.  For example, in a prior fiscal year you had unpaid bills in the system at month-end the system will debit the expense account and will credit accounts payable.  Therefore, prior period financial statements may be restated.

 

 

 

 

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