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THE COUNTY GOVERNMENT OF KILIFIEXECUTIVE REPORTS AND FINANCIAL STATEMENTS THE QUARTER ENDED 30TH SEPTEMBER, 2018Prepared in accordance with the Cash Basis of Accounting Method under the International

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How to fill out cash versus accrual basis

01

To fill out cash basis:

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Determine your cash receipts: Record all the cash received from your customers including sales, loans, investments, etc.

03

Record your cash payments: Keep track of all the cash payments made to suppliers, employees, lenders, etc.

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Calculate your net cash flow: Subtract the total cash payments from the total cash receipts to determine your net cash flow.

05

Prepare and analyze financial statements: Use the net cash flow information to prepare financial statements like the cash flow statement, income statement, and balance sheet.

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To fill out accrual basis:

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Record revenue when earned: Recognize revenue when it is earned, not necessarily when cash is received.

09

Record expenses when incurred: Recognize expenses when they are incurred, not necessarily when cash is paid.

10

Calculate net income: Subtract total expenses from total revenue to calculate net income.

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Prepare and analyze financial statements: Use the net income information to prepare financial statements like the income statement and balance sheet.

Who needs cash versus accrual basis?

01

Cash basis is commonly used by small businesses or individuals who want a simplified method of accounting.

02

Accrual basis is typically used by larger businesses or organizations that require more accurate financial reporting.

03

Certain industries, such as construction or manufacturing, may also benefit from using accrual basis to match revenue and expenses.

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What is cash versus accrual basis?

Cash basis accounting recognizes revenues and expenses when cash is actually received or paid. In contrast, accrual basis accounting recognizes revenues and expenses when they are earned or incurred, regardless of when cash transactions occur.

Who is required to file cash versus accrual basis?

Generally, small businesses and sole proprietors can use cash basis accounting. However, corporations and businesses with inventory or exceeding certain revenue thresholds are typically required to use the accrual basis.

How to fill out cash versus accrual basis?

To fill out cash basis, report income when received and expenses when paid, using actual cash flows. For accrual basis, report income when earned and expenses when incurred, matching them to the appropriate accounting period.

What is the purpose of cash versus accrual basis?

The purpose of choosing between cash and accrual basis is to determine the timing of income and expense recognition, which affects financial reporting, tax obligations, and business performance evaluation.

What information must be reported on cash versus accrual basis?

On a cash basis, report cash inflows and outflows. On an accrual basis, report all earned revenues and incurred expenses, regardless of cash transactions, including receivables and payables.

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