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

[Adrien Monteleone]

On 3/4/24 11:34 PM, Blake Hannaford wrote:
> 1) At end of year, figure out the total dollar amount of unpaid invoices.

Check the Receivables Aging Report. This should give you the total you want.

> 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

You can select which accounts appear in a report via the Accounts tab 
under Options.

> 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)

No need to zero sales. Your next year's Income Statement won't take 
previous year's transactions into account anyway.

> 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.

You can alternatively not post bills until you receive payment, or post 
them as normal so they'll show up on a Customer Report, but then unpost, 
repost with new date and apply payment when it arrives.

Regards,
Adrien