This is the formal terminology that the accountancy expert bodies deem "revenue recognition". Numerous formal (see IFRS and GAAP) publications exist, with a much better supporting evidence than our informal discussions here.
On Tue, 9 Apr 2024, 6:12 am R Losey, <rlo...@gmail.com> wrote: > Since I first learned about recording transactions, I have always dated a > transaction on the date I wrote the check; similarly, when entering credit > card transactions, I use the date that I actually used the credit card. > > Recently, however, I was having a discussion with a friend and he said that > he uses the bank or credit card date of entry for all of his transactions. > > I thought this was strange - probably because it is different from the > method I've used all of my life. Perhaps I am the odd one... or perhaps > it's merely a matter of choice, so I thought I'd bring it up to this list > to see what people think about it. > > From (a very brief) research about this topic, perhaps this is the > difference between cash basis accounting and accrual accounting? > > > After thinking about it for a bit, one issue with using the date that the > transactions occur is the reports, especially if one has repeating > transactions. For example, if the satellite service bill is paid each > month on the 28th, using my method, I record a transaction on the 28th. My > friend will see it on the 29th or 30th, but if the weekend or holiday hits > just right, it can be the 1st or 2nd before he sees it. In the long run > everything should be the same, but the monthly sub-totals can look odd. > Checks can be even worse... someone may hang onto one for weeks. > > I'd appreciate thoughts on the topic. > -- > _________________________________ > Richard Losey > rlo...@gmail.com > Micah 6:8 > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
