Hi All,
I am a small business owner. We do IT consulting and bill our customer at the end of the month. Typically we get paid 30 days post issue of invoice. My question relates to claiming of income in a calendar year. So for e.g. if we bill our customer for Dec project work on 1st of Jan (next year) and get paid 1st week of Feb do we claim the income billed in Jan for Dec work in the previous year earnings or the new year income? Our financial accounting year for bookkeeping is Jan - Dec.
thank you for your feedback!
Ajay
I am a small business owner. We do IT consulting and bill our customer at the end of the month. Typically we get paid 30 days post issue of invoice. My question relates to claiming of income in a calendar year. So for e.g. if we bill our customer for Dec project work on 1st of Jan (next year) and get paid 1st week of Feb do we claim the income billed in Jan for Dec work in the previous year earnings or the new year income? Our financial accounting year for bookkeeping is Jan - Dec.
thank you for your feedback!
Ajay
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