Wupe Enterprise

 v

   Select an accounting method First order of business when setting up your books is to choose an  accounting method . Here are the accounting methods you can choose from: Cash-basis : Least difficult accounting method Accrual : Most difficult accounting method Modified cash-basis : Mixture of cash-basis and accrual Cash-basis accounting  does not require extensive accounting knowledge. With this method, record the transaction when money changes hands. That means you record income when you receive payment. The cash-basis method only uses cash accounts (e.g., expense, income, etc.). Accrual accounting  requires the most accounting knowledge and is more time consuming for small business owners. With accrual, you must record income when your transaction takes place, with or without the transfer of money. And, record expenses when you’re billed. The accrual method uses more advanced accounts and allows you to record long-term liabilities. Modified cash-basis, or...