RTee Posted April 6 Report Posted April 6 Good afternoon, I have received a T4A from an organisation that I did some self-employed work for. I sent them three invoices for 2023. The third invoice was not paid until January 2024 so it is in my accounts receivable and I will declare it as income for 2023. However, how do I deal with this in U-file? 1) This year: Do I include the amount paid in 2024 in "fees for services (T4A Box 048) in 2023 even though this will result in that field being higher than the T4As received? Should I put the amount in a different income field? 2) Next year: What happens in 2024 when they send me a T4A for that amount? I won't be able to declare it as income because I will already have declared it for income in 2023. Do I reduce "fees for services (T4A Box 048) by that amount in 2024 and therefore have the field be lower than the T4As received? (As an aside, I have added it to the balance sheet field in accounts receivable) Sincerely, RT Quote
Geo123 Posted April 7 Report Posted April 7 Hello RTee, You must enter the amount as it appears in T4A Box 048. The T4A should be independent of your AR and the payment date, if you are missing the T4A you should contact the issuer. Quote
RTee Posted April 7 Author Report Posted April 7 Thank you so much for your help. I think I am caught between a rock and a hard place. They insist T4As are issued on a cash-paid basis and I know I have to do accrual accounting. I think I will find a workaround so that I am ethically reporting in the correct year (add as other income and then declare as an expense next year) so my gross income is correct in the correct years. Quote
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