Jonnybegood
Level 2

Accounts Recievable

What is the transaction track of the Accounts Recievable?

Eg:  I send out an invoice to a client for $1200.00  What is the path that this fallow as it goes from here to final payment and Books closed at the end of the year?

BigRedConsulting
Community Champion

Other questions

Typically the customer will send payment and then you'll record a Payment transaction and select the invoice it applies to. Then you'll deposit the payment into your bank account, perhaps with other payments.

 

Year end / closing books doesn't come into play in this process, which is perpetual.