QuickBooks is an accumulation book keeping program and it can Report on Cash Basis. This means that in normal usage, the Accounts Receivable and Accounts Payable on a Cash Basis report should be zero. Remember that the Chart of Accounts is always an accumulation view.
QuickBooks reports on income from Invoices posted in Accounts Receivable based on the later of the invoice or payment date. The problem arises when there are items with negative amounts. There are treated as payments and the amount is pro-rated to all of the other items, including sales tax. This will cause the income for that invoice to be negative.
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Cleaning up data has important effect on your company file. We advise you print and review this topic before you continue.
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