I am doing some small business, which is strictly wholesale. In Dec2006, I sold out my product to my customers and invoiced them in Dec 2006. But I receive actual payment some in last December and the balance in January.
Also the invoices I received from my supplier were all dated in Oct2006. I paid my supplier, some in December and the balance in Jan too.
If my fiscal date ends on Dec31,2006, for money receivable and payable after Dec31,2006, should I roll the payment received from my customer and payment I made to my supplier after Dec31,2006 into fiscal year 2007 or count this money in fiscal year 2006?
Thanks for answering.
2007-08-12
03:33:36
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4 answers
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asked by
Kevin Y
1