All of my sales are paid for at the time the customer is given the invoice. Basically what I’ve been doing is, every time I make a sale, I will make an invoice, and immediately mark it as paid. Then I will give it to the customer as a receipt. Is this considered to be incorrect?
Also, to save the customer time, I usually have the receipt prepared ahead of time. Before the customer comes to pay, I will create the invoice, mark it as paid in suspense, and then once they arrive and pay for it, I will go back and edit the payment to show their payment method, and deposit it into the correct account.
I deal mostly with small sales ($50-200), and customers are in and out, I do this to save my customers time, and as far as I know it hasn’t caused any problems. I’m just wondering because I am not an accountant.