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QUESTION DETAIL
Related User
Votes
If a company reports on a cash basis and received a deposit from a customer in one year, but it is for services to be performed and sold in the next calendar year, is it okay to deposit and book the asset as a customer deposit until the sales are actually
ANSWER
The BIDaWIZ Team's Answer:
No: if you report your transactions on the "cash basis,"
you must report the income when the cash is received; not
when the income is earned.
