On Thu, 6 Jan 2022, Michael or Penny Novack wrote:
But somebody who like Rich is invoicing "clients" is perhaps not doing
sales but a service and only needs "income from clients" on a cash basis.
Could do that by having a contra account (usually zero) with a name like
"client income not yet received". Then a single adjusting before (balance
of AR to "not yet received" and a single after ("not yet received to" AR)
should do the trick.
Michael,
I have a sole professional services consulting practice, B2B, with clients.
No product sales. My approach to cash accounting has worked for me for more
than two decades; it might not work as well for others.
Regards,
Rich
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