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The Watercooler
tax question
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<blockquote data-quote="InsaneCdn" data-source="post: 572257" data-attributes="member: 11791"><p>I could tell you "our" rules... not that they are the same LOL.</p><p>But in general, accounting principles dictate that revenue is accounted for when billed, not when paid. There is provision for uncollectable receivables, but the assumption is you will get paid, so cash flow isn't the key factor. Unless you're in "fishing or farming" (two occupations here that "have" to do accounting on the "cash flow" basis)</p></blockquote><p></p>
[QUOTE="InsaneCdn, post: 572257, member: 11791"] I could tell you "our" rules... not that they are the same LOL. But in general, accounting principles dictate that revenue is accounted for when billed, not when paid. There is provision for uncollectable receivables, but the assumption is you will get paid, so cash flow isn't the key factor. Unless you're in "fishing or farming" (two occupations here that "have" to do accounting on the "cash flow" basis) [/QUOTE]
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