How do I enter an amount as an accounts receivable amount?
Do you mean how to record payment from customer against sales invoice?
Allocate the payment to
Accounts receivable account, then select sales invoice.
After I allocate the customer payment to Account Receivable, I get two Accounts Receivables accounts (paid and unpaid)… Do I have to create a journal entry to Debit the Accounts Receivable and credit Student Dues in order to transfer the money from Accounts receivable to Income? Why can’t I simply receive the money into Bank Account after I create an invoice?
You can. It is in need of updating, but see this:
Basically, just Receive Money => Allocate receipt to
Accounts receivable => Select customer subaccount => Select Invoice # (or let Manager allocate automatically to oldest invoice.
Your problem seems to be that you created an
Accounts receivable account on your own instead of using the one Manager created automatically when you enabled the
Customers tab. The way to tell which is the one to keep is to go to your chart of accounts and edit the titles of both temporarily to something else. The real one will show Accounts receivable in gray below the edited title. Delete all the transactions to the wrong one and then delete that account. If necessary, recreate the transactions you allocated wrongly. Then you can name the real
Accounts receivable account back to its correct title.
Thanks for your reply Tut.
My problem is that if I didn’t create my own Accounts Receivable, I wasn’t able to book it against accounts receivable when I receive the money for some strange reason. I am going to start a new trial company and play around with that and see if that helps.
I figured out my error. When I created the invoices, I thought I had to create it against Accounts Receivables account instead of Sales Revenue account, which is why I had to manually create another accounts receivables. Now that I have created invoices to Sales revenue, and receive the money under accounts receivables, that solved all of the issues.
Thanks again for your help on this topic.