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  1. #1
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    When do you add your deposit as an income ??

    Hello everyone,

    2014, was the first year that I actually started charging new enrollments with a one week deposit. This deposit is than used for the child's last week, before termination. This week I am preparing my childcare receipt, for my parents and am not sure if I should include these deposits on my 2014 income, or add it to my income the year that the child has terminated. Anyone can help me with this ?

    Thank you

  2. #2
    Euphoric !
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    I added mine to 2014's income. When the time comes for them to leave, they owe 3 out of 4 weeks of their last months payment.

  3. #3
    Euphoric ! bright sparks's Avatar
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    I include it in the tax year that it was applied so basically the year they leave is the year it goes down as income.

  4. #4
    Euphoric !
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    Actually your supposed to include it in the year it was received

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  6. #5
    Expansive... babydom's Avatar
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    I apply it to the yr it is used. When they leave.

  7. #6
    Euphoric ! bright sparks's Avatar
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    Quote Originally Posted by Crayola kiddies View Post
    Actually your supposed to include it in the year it was received
    Well that may be so, but I don't do it that way as I hold the money until it's used in exchange for services. Makes my book keeping easier for me. I also spoke to a number of providers who all do it this way too.

  8. #7
    Euphoric !
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    This is why I apply it to their first 2 weeks of care not the last.

    That being said it is to be applied to the year you received it in. It's the same as when you receive funds the last week of December for the first 2 weeks of January. Money was paid in 2014 for jan 2015 fees but must be claimed in 2014 as that is when money was paid.

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  10. #8
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    I claim it in the year the cheque was received, as mine are dated for the current date, and deposited at that time.

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  12. #9
    Euphoric !
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    You are supposed to claim all money in the year it is paid. I don't receipt the money to the family until I give them their receipt for their first week of care - ie if they don't end up starting there is no record of the money so to speak and my bonus. It means they are really paid up two weeks in advance so if they suddenly leave without notice I am paid for two more weeks.

  13. #10
    Euphoric !
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    No. Look at self emplyed rules - you claim it when you earn it so if it's last week of care then you add deposit in last week. But you give receipt for deposit and they can claim when given. Just you claim when earned.

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