While financial statements in OWP are only available as accrued, your new Peachtree (Sage 50) company can be setup to run financial statements either way, cash or accrued.
Although most small businesses file their taxes based on a cash income statement, they usually setup Peachtree for an accrued income statement. This works okay, but is not optimal.
One nice thing about the cash company setup in Peachtree is that you can still record vendor and customer invoices and print aging reports. The cash versus accrued setup option only affects the Peachtree income statement and balance sheets. Other aspects of Peachtree are the same either way.
Once the cash versus accrued decision is made, it can not be changed - so it's worth giving this choice some consideration. Here are a couple of links where you can learn more about this: article 1, article 2.