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What is the accrual vs. cash method ?
What is accrual vs. cash method ?
Under the accrual method you generally record revenue and expenses when good are received or services are rendered. Whereas under cash method, revenue and expenses are recorded when cash is received or paid. For example if you bill a customer $1,000 for services on December 15, 2011 and get paid on January 4, 2012, under the accrual method you would include the $1,000 in income for 2011, while under the cash method you would include the $1,000 in income for 2012.
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