I am fairly new to Solar Accounts
I have created several invoices against several different customers. The amount due is split into 2 parts with one part being due to be credited to one account and one part to a separate account.
When I go to report it shows those amounts credited to the accounts before the money has been received.
When i receive the invoice payments the money just shows in petty cash (my default receipt account)
Is this all correct or have i done something wrong in setting up my invoices
Hi John,
Yes, it sounds like you are doing it correctly. Note that when you create an invoice several things happen:
1. The Sales Income account (or other account on the invoice) is credited, which increases the balance
2. The Accounts Receivable account is debited, which increases the balance
3. The customer's Balance figure is increased to reflect how much the customer owes you.
When you record an invoice payment:
1. The 'Deposit Into Account' is debited (usually this is the Money To Be Banked account or Cheque Account)
2. The Accounts Receivable account is credited
3. The customer's Balance figures is decreased as they now owe you less money.
I hope this makes sense - let me know if you need more information.
