On Wed, 13 Apr 2011, Bernd Plagge wrote:
Hm, why do you think that you have to "close all outstanding transactions"?
And what exactly to you mean with "closing"?
I've seen it said in various ways, but we have this, from the old SL
2.6.something manual, section 4.3 (Yearend):
"
expenses Method: either accrual or cash. Cash will calculate only paid for
transactions. Partial payments are not included. If you have partially
paid transactions apply full payment and create another transaction with
the outstanding amount.
"
That is the kind of "closing" I am talking about.
If you issue an invoice for 100 USD on December 30th, to be paid within
the next 30 days then 2 things will happen:
1) you post sales of 100 USD (for the month of December)
Unless I'm having a senior moment (and I hope not, since I'm not
particularly senior), on a cash basis, that is not actually the case.
Service businesses in the U.S. tend to run on the cash basis.
Regards,
Luke
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