A/R & A/P question
Tripp Lilley
tlilley@perspex.com
Mon, 30 Jul 2001 05:08:04 +0000 (UTC)
I'm trying to get my head around accrual, accounts receivable, accounts
payable, and so forth. If I have a "contract" (verbal, in many cases) with
a client for $10,000 of work, and I'm going to bill them $5,000 up front,
$2,500 on delivery, and $2,500 on final acceptance, how would I enter
that? Would I make one giant $10,000 "receivable" dated when we agreed to
proceed? Or would I make a receivable each time I invoiced?
(I realize this isn't gnucash-specific, but I need to learn some of this
basic accounting schmee in order to be a useful contributor :) ).
Thanks!
--
Tripp Lilley * http://stargate.eheart.sg505.net/~tlilley/
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