[GNC] How can I book Sales when invoice is paid vs when posted?

[Blake Hannaford]

Thank you all for helpful responses so far.   It is too bad that accrual vs
cash invoice accounting is not a setting.   At any rate I usually only have
a handful of outstanding invoices at a time.    I propose the following:

1) At end of year, figure out the total dollar amount of unpaid invoices.

2) Create a new Income account "unpaid sales"
3) Debit sales by the unpaid total and credit "unpaid sales"
4) Ideally see if "unpaid sales" can be omitted from the income statement
report.
5) Otherwise, manually subtract "unpaid sales" from Total income to get
income tax liability
6) At start of next year, keep "unpaid sales" but zero out all other income
accounts (transfer to year-end equity - my usual system for income and
expenses)
7) During the year, either move the total back to sales immediately or when
each invoice is paid, manually debit "unpaid sales" and credit "sales" for
that amount.

Does that sound right?
BH

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Blake Hannaford
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