I created a Sales Invoice/Contract for a customer with the total amount for the project. I allocated the account to income ( which shows the total amount for the invoice) and when I get paid by the customer I enter the payment in A/R. If I look under the invoice it will show the payment deducted and the remaining balance, but under income it just shows the total amount for the invoice and not what has been received to date. How do I get the income to show amount received to date and not the total amount owed?
You are referring to the difference between accrual and cash basis accounting. See the Guide: