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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:   Edit PostDelete PostPrint Post

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
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:   Edit PostDelete PostPrint Post

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:   Edit PostDelete PostPrint Post

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:   Edit PostDelete PostPrint Post

The day I deposit the check. Talk to your accountant about the best way to handle end of year checks.

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