Thanks, @myst4au... I skimmed over the Accrual Method of accounting described in that worksheet because it said most sole proprietors use the Cash Method, but I'll take another look at the Accrual Method. As you've described it above, it actually sounds like what I thought I understood to be the Cash Method, so it looks like I may need to revisit.
I believe with the Cash method you count the date the check was issued (so the date printed on the check that indicates when they cut it). Someone correct me if I'm wrong, please.@fyrekittyn wrote:
I have a PO Box I visit weekly that all check payments are sent to. Do those using the cash method count the payment from the day you pick it up out of your mailbox/PO Box/etc or the day the check is cut?
I see a lot of people mentioning deducting their expenses - I assume you are meaning non-reimbursed expenses, correct? IE if I go do a shop at Restaurant X and spend $5 on lunch, but am then reimbursed $5 by the MSC for that shop, then that is not something I could count as an expense because I'm not out that money.