Here in Australia we have two forms of reporting both our BAS and our Tax for EOFY. Cash and Accrual basis. Cash basis means that as a business I do not report receiving an income until i have actually received payment for an invoice. Accrual basis means that i must report income as soon as the invoice has been generated regardless of if i have been paid or not.

For my business we are Accrual basis and using Xero for our accounting platform. Invoices are generated in RS and synced directly to our Xero. Because I report accruals as soon as the invoice hits my Xero account it is counted as revenue and reported to the ATO during my BAS and EOFY filings.

The issue i have found with RS is with the current Profit & Loss Report. When i run this for last financial year for example i notice a significant difference in the figures reported by RS to the figures that my Xero P&L report shows (in my case for the 15/16 FY was about $30,000 difference) which at first can be extremely concerning. After some further research i worked out that the RS P&L report is infact reporting its sales figures based on a "Cash" accounting method.

Although i can get this data from my accounting system the report is very handy to run to ensure that all your figures match up correctly prior to submitting any EOFY information. I have no doubt that other Australian businesses would benefit from having this report being able to show it's figures based on either Cash or Accrual basis especially businesses that are not using a cloud accounting platform like Xero or QB, as currently any business in that situation for example using MYOB + RS and happen to report their revenue based on Accruals they would not be able to get an accurate indication of their sales figures with the current reports in RS.