Accrual basis accounting

Tax Accounting vs GAAP
Vocabulary Term #794
Noun (thing)
US
UK
Accrual basis accounting
US
UK
the method, of accounting, in which income and expenditure, are recorded at the date they are earned
US
UK
"From the accounting point of view, it doesn't matter when you actually receive the payment as I am using accrual basis accounting so I have already accounted for the invoice."