Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Thanks, Wand1
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Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Got a question here, hoping someone can weigh in. I run my own small business and I'm stuck on how to track income. Let's say back in February I processed a payment for $33 using Diners Club and issued the receipt right then. Now, Diners Club doesn't actually drop that cash into my account until March. So, is that money technically revenue for February since that's when the sale happened and the receipt was printed, or is it March revenue because that's when the cash actually hit my bank? Thanks a ton...