Correct method for invoicing

[Derek Atkins]

Hi,

Quoting M Prindle <mprindle at pobox.com>:

> Hi everyone,
>
> I need some help with GNUCash invoicing.  This is the 3rd month that 
> I've created an invoice and totally messed it up when I get the 
> payment for it.  I need a process flow after the invoice is created 
> and posted.  Here's what I know how to do so far.
>
> 1. Create an invoice for xyz customer for a job.
>    What is the income account?  The account the money will be deposited in?

It's the.. umm.. income account where the money comes from (e.g. Income:Sales)

> 2. Invoice is posted

This creates the Income -> A/R transaction.

> 3. Payment is received.  I then open the invoices window and select 
> Process payment.
>
> From here on I'm pretty fuzzy.  The payment came in via paypal so I 
> have to account for the paypal fee's also.

Account for the fee separately.  Process the full payment (A/R ->
Assets:Paypal) and then you can transfer from A:Paypal -> A:Bank
and account for the Paypal fee.

> If someone could help me with the process flow and the accounts to 
> use that would be wonderful
>
> Thanks,
>
> Mike

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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
       warlord at MIT.EDU                        PGP key available