when to account for self employment income

[tomtom1234]

i'm doing some consulting after leaving my w-2 employment world behind.  As the frequency of income can vary depending on the work, do I calculate income for a quarter based on when I invoiced for the work, or when I receive the payment?  One of my clients has a NET 60 payment term which makes a difference in the time between services rendered and payment actually received.

[Bsch4477]

You are most likely on a cash basis so income is when you receive it. 

[tomtom1234]

What are the other options?  Is there a IRS pub that describes this?  Also thank you for answering.

[Bsch4477 · Accepted solution]

https://www.irs.gov/publications/p538#:~:text=Under%20the%20cash%20method%2C%20you,of%20when%20payme....