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  #1  
Old 06-29-2015, 05:57 PM
aml85260 aml85260 is offline
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Cash basis sales exceed bank receipts

I've just taken over bookkeeping responsibilities for a small client using the cash basis method of accounting. The P & L reflects a sales figure for January 1, 2015 through May 31, 2015 that considerably exceeds the company's deposits to its bank account.

What process do you suggest I follow to track down the cause for the discrepancy?

Thanks in advance for your assistance.
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  #2  
Old 06-30-2015, 03:55 AM
Joe Williams Joe Williams is offline
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If they are using AR, check the invoices and see if there are any Receive Payments linked to them dated BEFORE 1/1/2015.
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  #3  
Old 06-30-2015, 06:19 AM
Rustler Rustler is offline
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I would examine the deposits, look for cash back or an expense or liability posting that reduces the amount deposited
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