| Agency says they want to do Cash Accounting not Accrual Accounting |
Filing with the IRS on a Cash Basis when doing Accrual Accounting on Agency Bill
End of Year Process
The following adjustments are all that are necessary for agencies that are running the MI Management System or IMSdos that would like to file with the IRS on a cash basis. They need to speak to their accountant and he or she can do the necessary adjustments.
The following adjustment can be done right on the tax forms. They do not need to make any journal entries in their accounting package.Revenue(Gross Sales)
- Accounts Receivables
+ Company Payables
__________________
Taxable Income on a Cash Basis
* They only do this with Agency Bill. Direct Bill is already being done on a Cash Basis.
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