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Visitor II

How to report Receivables Schedule C

How do I handle receivables on the 1040 Schedule IRS form?  At the end of 2017, I had about 120K outstanding invoices owed to my company.

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Catalyst V

How to report Receivables Schedule C

Does your business use the cash accounting method? Or the accrual method?

If the cash method, (most common) income is reported in the tax year you receive them. It doesn't matter in what year you billed them. Expenses are reported in the tax year you pay them. It doesn't matter in what year you may have been billed for that expense.