Cash Method of acounting

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Author Message David G. Axt, CCS, CSI ,SCIP Senior Member Username: david_axt Post Number: 1515 Registered: 03-2002 Posted on Tuesday, September 27, 2016 - 01:11 pm:    I am currently using the cash method of accounting method and have a question. What date do I post my income? 1) The date on the client's check. 2) The date the post office postmarks the client's letter. 3) The date I receive the client's letter/check. 4) The date I deposit the client's check at my bank. 5) The date the client's funds clear my bank. Thanks. David G. Axt, CCS, CSI, SCIP Specifications Consultant Axt Consulting LLC Michael Chusid, RA FCSI CCS Senior Member Username: michael_chusid Post Number: 218 Registered: 10-2003 Posted on Tuesday, September 27, 2016 - 01:23 pm:    I post deposits according to the day I put the payment into the bank. Michael Chusid, RA FCSI CCS www.chusid.com www.buildingproduct.guru 818-219-4937 Liz O'Sullivan Senior Member Username: liz_osullivan Post Number: 214 Registered: 10-2011 Posted on Tuesday, September 27, 2016 - 01:26 pm:    I do the same thing Michael does. This way my bank statements match my bookkeeping. The only exception is if my client dated and mailed a check on December 31 and showed it on my 1099 as paid in that year. In that case my bookkeeping shows it as received on December 31. That scenario was briefly mentioned in this thread. http://discus.4specs.com/discus/messages/4254/7920.html?1455474786 Robin E. Snyder Senior Member Username: robin Post Number: 656 Registered: 08-2004 Posted on Tuesday, September 27, 2016 - 09:16 pm:    The day I deposit the check. Talk to your accountant about the best way to handle end of year checks.