Proper posting of invices/payments?

[Maf. King]

On Mon 16 March 15 16:06:00 W Pawlowski wrote:
> I wonder what is the proper way to accounts for invoices issued and then
> paid in GnuCash????
> Right now when I issue an invoice to my customer I put the total amount as
> asset in "Accounts Receivable" under "Total Invoice", Total -  HST into
> Income: Sales under "Total Payment" and HST as Liabilities: HST: HST
> Payable also under Total Payment.
> 
> So my entry in Accounts Receivable would look like this:
> 
> Assets: Accounts Receivable            $1,130.00
> Income: Sales                                                      $1,000.00
> Liabilities: HST: HST Payable                                $   130.00
> 
> Now when I get the payment I basically change the Assets: Accounts
> Receivable to Assets: Checking Account
> 
> Is this the proper way to record this type of transaction? Or how should it
> be done?


Hi W,

I suggest you look at the "business features" of GC, but if you don't want to 
use them for whatever reason, then I would record the payment stage as a 
transfer from Assets:A/R to Assets:Checking.

Your local laws and accounting / reporting needs may dictate your workflow, 
though.

HTH,
Maf.