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General Accounting Discussions: Proper Posting

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    • CommentAuthorrlm
    • CommentTimeApr 1st 2008 edited
     
    Is it a generally accepted accounting practice to cut a check for a date that is in the month prior to when the check was posted? For instance, I cut a check on March 31st for a self-employed individual with whom we have an agreement to pay 1/2 of their self-employment tax. The check was to cover the 1st quarter taxes that they have to pay (1/2 of them). I want to show this amount in April because the 4th quarter taxes of 2007 were posted in January of 2008. Is this acceptable, or must it be posted in the month that the check was issued in order to be properly accounted for?

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