I see a lot of conflicting answers on this question, and it's not as simple as it seems. When I receive a check in the mail from a client as payment for an invoice, and I record a "Receive Payment" in Quickbooks, what would be the correct "Payment Date" to record for the payment, in this specific scenario:
I send the client an invoice on December 20
The client writes a check for payment and the check is dated December 26
The envelope containing the mailed check is postmarked on December 28
I receive the check in my postal mail on January 2
I finally deposit the check at my bank on January 5
I specifically highlight the above dates for a very important reason: if I record the "payment date" as the date I literally physically receive the check in my hands (January 2) then MY books will show it as received in 2023 but the CLIENT's books will show they made the payment in 2022. So, if the client issues me a 1099, it will naturally be included on the 2022 year's 1099. So do I record the "payment date" as the date I physically receive the check (which will make my books inconsistent with the 1099) or the date the client wrote on the check (which will of course be based on their books, not when I actually receive it, a bit misleading to my books).
Thanks in advance!
