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#1
02-06-2005, 08:21 PM
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 Re: Acurate Accounting of Income What you're describing is accrual accounting, a standard method used in business. Income and expense is recognized in the period it's generated, not when it's actually received or paid. The IRS assumes individuals generally use cash accounting, which accounts for income and expense as received or paid. Yes, there are exceptions and nuances to my statement but, unless you want to get into full-blown accrual accounting with accounts payable and receivable, don't bother trying. -- Chris Cowles Gainesville, FL "Michael Biel" <MEIEL[at]sc.rr.com> wrote in message news:tmuNd.60295$K72.7614116[at]twister.southeast.rr.com... - quote - > I'm fairly new to using MS Money. I've only been using it since December > 2004. I'm using version 2004 Standard. Here is the situation. I've made > deposits into the checking account register with a transaction date of say > Feburary, but this income was actually for a period in January. Is there > a way to report these amounts on the income reports in the month of > Januaary without changing the transaction date. Thanks. > /Mike Biel |
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02-06-2005, 07:36 PM
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| Re: Acurate Accounting of Income Not easily. Eventually, you will find that in the long haul, it all works out the same. "Michael Biel" <MEIEL[at]sc.rr.com> wrote in message news:tmuNd.60295$K72.7614116[at]twister.southeast.rr.com... - quote - > I'm fairly new to using MS Money. I've only been using it since December > 2004. I'm using version 2004 Standard. Here is the situation. I've made > deposits into the checking account register with a transaction date of say > Feburary, but this income was actually for a period in January. Is there > a way to report these amounts on the income reports in the month of > Januaary without changing the transaction date. Thanks. |
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#-1
02-06-2005, 06:38 PM
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| Acurate Accounting of Income I'm fairly new to using MS Money. I've only been using it since December 2004. I'm using version 2004 Standard. Here is the situation. I've made deposits into the checking account register with a transaction date of say Feburary, but this income was actually for a period in January. Is there a way to report these amounts on the income reports in the month of Januaary without changing the transaction date. Thanks. /Mike Biel |
| Tags |
| accounting, acurate, income |
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