Do any of the accountants here know whether insatllment sales are booked for financial purposes over the installment period.

I understnd that for tax purposes they you genrally only need top report

the periods for which you received money.

Example: I sell my house to Mr, J who pays me 100 per year for 20 years as an installment.

Assume the house cost me 1 dollars

For tax purposes i can report 100K per year but for financial purposes don;t I report

the entire 2million gain and book a tax liabiity payable that gets flattened over

teh next 20 years?

So my point is that even if the payments will be received over 10 years teh sale and income are still reported in the current Q.

This is different from a long term contract whre the costs are not known

and reveues are subject to contract cancellation.