What is the correct process when an invoice is paid? what do you do with the invoice?
Read the Guide about recording a receipt. Or, if you are referring to a purchase invoice, read about recording a payment.
Thanks Tut but please treat me gently. I do not understand the Guide. When I create an Invoice and the customer pays it what I generally do is create the receipt and then delete the Invoice because I cannot see where the invoice gets converted to a receipt. I tried what you said reading the guide but am still unclear.
Don’t delete the invoice. That is how the income is recorded. The invoice is not converted to a receipt. They are separate transactions.
Your comments suggest you need to educate yourself about double entry accounting. I suggest starting at AccountingCoach.com.
When you encode a Sales Invoice, it will be available in the Sales Invoice Tab. Once customer pays that specific invoice, do the ff:
A. View the Specific Sales Invoice
B. Choose New Receipt
See guide : https://www.manager.io/guides/7820
It would be better if you try to do it yourself and discover the ease of recording receipts or payments.
Applying Payments to Purchase Invoices almost works the same way…