Recent content by Callum20

  1. C

    Switching to accrual: When should production expenses be recorded?

    I need to learn accrual so I can switch to an LLC soon or at least be prepared for it but the whole thing is very confusing to me. I have a small wholesale clothing design and manufacturing business and a standard order will look something like this: January: Customer places order, I pay the...
  2. C

    Existing orders have been delayed so won't arrive until after the tax year

    I run a small manufacturing company as a sole trader (using cash accounting) and I currently have quite a few orders that have been delayed in production that won't arrive or won't be invoiced before the end of the tax year. I have paid all the production and shipping costs for these orders...
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