dogluvver

Hi Brad I bow to your superior knowledge of the product but I think you are mistaken. If I sell to a customer on credit and then run a balance sheet, the current account - Accounts Receivable reflects that sale. I can look at the account and find the invoice and customer to whom the product was sold. I can run various reports and find teh transaction. If I make a partial payment of that invoice I can again get all the relevant information. Look at the following new set up scenario. Assets - Accounts Receivable $100.00 Equity ($100.00) Not a likely scenario but sufficien

If I post an Invoice to a Customer, will it not automatically increase the sales revenue and the Accounts Receivable? This will not be correct because the Accounts receivable balance would have been correct when I opened imported (or put the opening balance) in the A/R accouht. Let me ask another question which will maybe make the question clearer. WHen I sell something on account, I presume that the Sales revenue increases and the Accounts Receable account increases. How does one keep track of the outstanding Accounts Receivable? I would presume this is done by a subledhger. IS this n

Want to set up Accounts Payable & Receivable. Year end is Dec but want to start now. I know how to set up opening General Ledger accounts but how do I set up the corresponding subledger for Receivable & Payables. I can see how to set up new customers but not how to set up individual invoices for each customer & vendor. Brian