Are you entering information for a business that carries inventory and reports cost of goods sold? That it typically the type of business that would use Accrual accounting.
The most common method is the Cash method- reporting income in the year actually received it and reporting expenses in the year actually paid.
If you received a Form 1099-NEC, that usually means you were self-employed and should report your income and related expenses on Schedule C.
Click here for more information about reporting self-employment income and deductions using TurboTax.
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