I sell domain names, sometimes on an installment plan. For an installment plan, I create the invoice for the entire amount and then each month apply a payment to it. I have one sale on which I received the first six payments on, but then at the end of the year the buyer stopped paying. He's run out of money or something.
The domain name has been transferred out of escrow back to me now. So, I never really "sold" the name. I guess I kind of "rented" it.
So, now I have an invoice with partial payments on it. I need to do something with that invoice. One option is to go in and change the amount of the transaction to what was collected. And maybe then journal the "domain name sales" account to "domain name rentals." But that all doesn't sound that elegant, I hate to change a transaction after the fact.
Any ideas what to do with this?
