Advice: Invoice paid to Invoice acct or to bank acct?

[Ian Konen]

On Thu, Apr 11, 2013 at 3:11 PM, carta <cartagram at outlook.com> wrote:

> I began using Gnucash several weeks ago. I'm not sure how to handle invoice
> payments so that the proper Transfer is used by the software.
>
> Here's my workflow: When I receive client payment for their invoice, I open
> the actual invoice and choose "Pay Invoice" from the menu. The payment is
> reflected in the Invoices window and is also added to my business checking
> account. So far, so good.
>
> The problem is that my business checking account displays "Invoice" as the
> Transfer. I was hoping to make it display the actual Income account, like
> "Income:Graphic Services" or "Income:Web Design."
>
> I tried changing the Transfer from "Invoice" to "Income:Map," for example.
> That wiped out the Invoice entry for the invoice, showing it as unpaid
> there
> and in the Reports:Business:Receivable Aging. That won't work for me.
>
> I suppose if "Invoice" is the default and only choice for a Transfer, then
> I'll have to use the memo field to specify where the income came from
> (Graphic Service, Web Design, etc.).
>
> Can anyone tell me how I should be handling paid invoices? Thank you!
>
>
I'm not sure but it sounds like you're not posting the invoice before
choosing "pay invoice".  Posting creates a transaction from an income
account or accounts that were selected in the invoice (I think each line
can have a unique income source) to accounts receivable (you're creating a
bill to send to customers and at that point they owe you payment) and then
"pay invoice" creates a transaction from accounts recievable to your
checking account (Your customer no longer owes you money when after they
pay you, assuming they pay the full amount).

It seems to work okay if you "post" after "paying" but the concept embedded
in the design is that you create the invoice first, post it when you're
ready to submit it to your customer and "pay invoice" it when you receive
payment.


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-- 
Ian Konen
iankonen at gmail.com
www.linkedin.com/in/iankonen
978-821-6498