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Cash method of accounting

Accounting and Legal Advice Work at Home Forum / Accounting and Legal Advice / Cash method of accounting
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gregriv69
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Joined: 23 Oct 2006
Posts: 106
# Posted: 13 Dec 2006 02:24
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When you use the cash method of accounting, you count income or expenses at the time you actually receive a payment or pay a bill. A cash-basis report shows income only if you have received it, and expenses only if you have paid them. This method is used by most sole proprietors and other self-employed individuals with no inventory.

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