What's the difference between Cash Flow & Accrual mode?
Revenue & Expense reports run in "Cash" mode show what your studio has received. Revenue & Expense reports run in "Accrual " mode show what your studio has invoiced. The same is true on the "Expenses & Other Revenue" page (the chart at the top of the page can be switched between the two, and you can see a revenue forecast based on what's scheduled). Most private teachers will make use of the "Cash" mode for their accounting.
The difference between "Cash" and "Accrual" reports is subtle, but important. The main difference comes in December/January. In "Cash" mode, revenue is recorded at the time payment is received. So, if you invoice for lessons in December, but don't receive cash or check until January, in "Cash" mode this will be income recorded in January.
In "Accrual" mode, the revenue is recorded at the time that it's invoiced. So, in the example above (invoiced in December, paid in January), the revenue would be included in December.