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Posted by Acctgirl 10 months ago In:

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Acctgirl
Acctgirl Asked:

How do I record income for checks dated before fiscal years but received after fiscal year ends for accural accounting

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Answers

Tax Fairy
Tax Fairy Answered:

The IRS goes by "constructive receipt".  If you had control of the funds in 2011 but didn't make the deposit until 2012, it's 2011 income.  If you didn't receive the check until 2012 (no matter what the date is on the check), it's 2012 income.

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