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    #11
    Originally posted by poorboy View Post
    I don't think that is correct Tom. It is the date on the check that is the date of the income. If you have a check dated today and deposit it in January, the income is for todays date on cash accounting.
    It is the day the financial instrument transfers the cash and it shows up on the farmers bank account, or on Charitable Donations, the day the payment is post marked [assume Dec 30 2021 cheque date posted], this is the Charity deems that to be the day it was paid. Mailed post marked Dec 30 2021 = transaction date... even if actual currency is transferred Jan 10 2022 for instance. Accrual accounting [for farmers is different... then the date on the financial instrument. It is the farmers choice [election] which accounting method they want [cash or accrual]. DYODD!

    Cheers

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