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Unpaid invoice amounts display as income


John_M

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Hi.  I am new to setting up my business through Express Accounts having just moved from Quickbooks (an old version).  When I create my own or use the default chart of accounts, I find the same problem.  I set up a customer and create an invoice for them.  Within the invoice I created an item for "Tuition Fees".  When I go back into the Chart Of Accounts, everything looks good.  Under journal, the general sales account shows a credit and the accounts receivable shows a debit for the same amount.   This is exactly what I expected however, if I look at the income statement, it declares the unpaid invoice amount as total income as well as net profit.  Why is this?  Even if I input the customer as having made a partial payment, the income statement still declares the whole invoiced amount as total income.  I would expect to see it as an Asset but surely not all income.  Any suggestions?

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If you find your accounts are not balancing, try recalculating the balances in Express Accounts to see if it helps. To do this, click the Transactions menu option in the main window and select Recalculate Customers' Balances. Express Accounts will run a recalculation automatically.

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