For financial reporting, we use the cash and the accrual basis in QuickBooks (cash for cash in and out, accrual for GAAP). I'm wondering how we'll show both cash and accrual figures when we use Adagio FX to present data retrieved from QuickBooks. Any suggestions? Thank you.

Adagio FX retrieves the transactions on an accrual basis only for GAAP reporting.

I am not as familiar with Adagio FX, but it seems to me that one would able to construct financial reports to show both with a few formulas.

We use GAAP for financial and cash for tax purposes and I have been considering this very thing since I drop the income statement into excel to move it from GAAP to tax for tax projections.

I would suggest thinking about washing (for example) accounts receivable (subtract current year's and add back prior period's ending balance) through sales to show total cash sales. You would then do the same with prepaids, payables, and any accruals and it may get you what you need.

Our next release will be able to retrieve the data on a cash basis, but I cannot give you a release date estimate unfortunately. I'll make a note you'd like the feature.

To the extent you can restate the figures on a cash basis in Excel with formulas, there's no reaso you cannot do that directly in the financial reporter.

Thanks for using Adagio!

Hi Jim D

It's not quite that simple. If a customer partially pays a bill that was coded to multiple GL accounts (for example sales, freight and sales tax), a system would have to arbitrarily decide how to reverse the part paid. But in straightforward cases and for approximation purposes, it works.

Steve