Site: nolo.com
... You don't have to wait until you see the money, or actually pay money out of your checking account, to ... Not until you finish a service, or deliver all the goods a contract calls for, do you record the income ... Under the accrual method, you would record the $1,000 payment in May, when you take the laser printer ... Whichever method you use, it's important to realize that either one gives you only a partial picture ... , you won't be able to claim deductions for them in the year you incur the expenses if you use the cash ...