For foundations required to produce audited financial statements, what method of accounting do you use for your regular bookkeeping—cash or accrual? We currently use the cash basis of accounting and make the necessary adjusting journal entries at audit time to prepare GAAP-compliant financial statements. We’re curious if this approach is common or if most organizations use the accrual method from the start. Would it be more practical to switch to accrual accounting, or is continuing with cash accounting a standard practice?