|David G. Axt, CCS, CSI ,SCIP|
Post Number: 1515
|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.
David G. Axt, CCS, CSI, SCIP
Axt Consulting LLC
|Michael Chusid, RA FCSI CCS|
Post Number: 218
|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
Post Number: 214
|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|
Post Number: 656
|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.