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 sufficient for my needs. Assume is is August 31st and the business year end is Dec 31 I start a new company and open the two required accounts Accounts Receivable and Equity and put in the opening balances. Everything is OK BUT the Accounts Receivable consists of two customers who owe $30.00 and $70.00 respectively as follows:- Fred $30.00 Ethel $70.00 I have to be able to set these people as customers and show their amounts that each owe. Can I instead of setting up the accounts as mentioned above, set up the two Customers and either have an opening balance for them OR sell to them anything for the amount that they owe and, instead of selling to a sales account sell to Equity. That would effectively give me opening A/R balance of $100.00 and Equity of ($100.00) Brian

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 not correct? ANd it is done automatically. Brian

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