Have purchased your software and have been using since the beginning of the month. I might add that I am enjoying the experience of accounting! I take Paypal payments and have set up the accounts as stated in your article on Paypal but seem to be missing something along the line. Customers pay into the Paypal account when they order so it can be up to 2 weeks before I send the product with an invoice. Can you take me through the procedure for a. receiving the payment into Paypal, b. sending the invoice and c. recording the payment from the customer. Am OK with the Paypal fees. Thank you very much!
Hi Chris,
Create a new liability account called 'Customer Prepayments', then record a General Transaction from this transaction to the PayPal Account. Later, when you issue the invoice record an invoice payment (similar to Step 2 in our PayPal help topic) with the Deposit Into Account set to 'Customer Prepayments'.
Cheers,
