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General Discussion When to enter a Dec 2022 sale, paid by cheque but cheque is deposit in January 2023

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When to enter a Dec 2022 sale, paid by cheque but cheque is deposit in January 2023

Posted By Luc 11 months ago

Hello

I need to enter a Dec 2022 sale and paid by cheque on Dec 23, 2022 but it was deposited on Jan 12, 2023.

Do I enter the payment on the date the cheque was make, or do I enter it on the date the cheque was deposited?

Thank you in advance.

Luc

0 Angela Beri 11 months ago

Accounting rules are that you enter the sale on the date it was made ( dec 23/22) and then you enter the payment on january 12/23( when it was collected) The sale would be considered a receivable until the payment is made
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When to enter a Dec 2022 sale, paid by cheque but cheque is deposit in January 2023

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