Receiving payment

Sorry if this is a basic question…i am a little confused. I have worked out how to create my items, create customers and invoice them.

Then when i go to apply the payment…this is where i am getting very confused.
I view the invoice to be paid.
go down the bottom to receive payment.
Now…which account should it be? Accounts receivable or sales?

if i select accounts receivable then it says the invoice is paid in full…all good. But the amount does not show up on my summary screen as a sale.
if i select sales then the invoice still has a balance due…but it shows up in my summary page as a sale…which is what i want. and it is listed also under retained earnings on the summary page

is it something to do with the tab for “recieved in”…what should this be. For example if i received cash…should this be “cash” or suspense.
what is “suspense”…is this just a category that i should be setting something up?

Sorry if this is all confusing. Hope you can understand what i am saying.
I have Quickbooks knowledge but this is stumping me

Manager is not much different from Quickbooks in this regard.

When creating an invoice, make sure “Account” field is set to “Sales” account. Don’t leave it default as “Suspense”. Otherwise invoice amount will show on Summary page under Equity/Suspense instead of Income/Sales.

Ok i think i might be missing something here…when i create an invoice there is no field where i can select “sales”

Ok hang on. Just noticed that on each item in the invoice there is a field for selecting “sales”. i think that has sorted it
But it still shows up on the summary page under “equity” “retained earnings” after i have recieved the payment. Is that right? or am i still doing something wrong?

Don’t worry, you are doing it correct.

That is just accounting equation where Assets - Liabilities = Equity.

In the older days, when things have been done without computers, accountants had to periodically close off the income/expense accounts and transfer the balance into Retained earnings account (or something like that), only then they could produce Balance Sheet report that actually balances.

Manager is just doing this automatically on every transaction so you can have complete set of financial statements anytime you need.

If you are interested in double-entry accounting principles, have a look at website, I found their explanations to be more accurate than are those on Wikipedia.

I am being new to accounting need help on how to handle payment from customer in multi currency for following situation in Manager:
Invoice amount USD 100
Bank deduction USD 10
Net received in Bank 90
So invoice is for USD 100 actual receipt is only USD 90.
This is actually reducing the sales value.

Could please advise on my question.

Record the transaction so $10 is negative amount which will come to net total of $90.