dealing with invoices and QIF imports

[Derek Atkins]

Hi,

Leigh Morresi <dgtlmoon at gmail.com> writes:

[snip]
> So now now the payment is "Transfer account: Assets -> Checking" which
> is all cool.
>
> now the part i dont understand
>
> I'm doing a QIF import from my bank, I have a structure as thus;
>
>
> + Assets
>   - Accounts Receivable
> + Expenses
>   - Computer Repairs
> + Income
>   - Consulting
> + MyBank
>
> When I import a .QIF it asks me for an 'Account Name' so i enter
> 'MyBank' - now i end up with a 'MyBank' entry in my account tree (whhich
> is fine i guess? or should this be elsewhere?)

No, you should set it to "Assets -> Checking"

> I tell it to put payments in the QIF import for monies for work i've
> invoced for into "Income:consulting"

You should not import these transactions; if anything they should
go against A/R, but the importer wont like that.

> Now when i view "Income:consulting" i see have duplicates of just about
> everything, the "Transfer" field says either "Assets->A/R" or "MyBank"

Right..

> so it looks like my income:consulting is roughly twice that of what i
> should be at.

Right..

> what am i doing wrong?? should i be deleting the items from my
> "Income:consulting" that have a transfer of "MyBank" ? (so that
> Income:consulting always shows my total income not includin the fact
> that those invoices might not have been paid - altho this difference
> *should* be sighted in accounts receivable?)

You duplicated your bank account (MyBank v. Assets -> Checking)
You duplicated your income (Invoicing A/R v. QIF Import).

You'll need to delete your imported QIF transactions.

Going forward you'll probably need to delete your payment transactions
because it's likely that you wont be able to mark them as duplicates.

> cheers
>
> leigh

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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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