Not the moment you cash the check, but the moment you receive it has to pointed out as the moment the value is within your financial assets.
Hi Julie, as a business owner, I've faced this same issue and my understanding is you account for the income in 2013. Here is an article I found helpful: http://www.patriotsoftware.com/small-business/blog/cash-basis-vs-accrual-comparing-accounting-methods/.
Thanks for replying to my question. Unfortunately, I'm not clear on what you mean by "encashable," as that appears to be a British financial term, yes? I did deposit the check in my account in January, if that helps. However, the client did send me a 2013 1099 tax statement with the amount on it.
plz do check if the cheque is encashable. if it is, it will go into 2014.