On Wed, 13 Apr, Bernd Plagge wrote:
ok, if you run on a cash basis then you're right.
Sales are only realized once you receive the money.
Then, of course, you can only post costs which actually occurred i.e.
what has been paid for.
Maybe I fail to see your problem ...
Hmm.:) My problem may be that I was misinterpreting the instructions for
dealing with this situation.
So let me see if I have this right.
In 2010, a $500 invoice is posted. $300 of it is paid before the end of
the year, and $200 will be paid in 2011.
I need to record that $200 as being paid in 2010, thus closing the
invoice.
I then create another 2010 invoice, only for the $200 portion of the first
one.
When the customer pays the remainder on the first invoice, I apply it to
the second instead.
If that's correct, I only have one remaining question.
Where do I receive the first (artificial) $200 payment to? Normally it
should debit a cash account.
I'm guessing I have to use some clearing accounts.
Thanks
Luke
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