Sales invoices, reflected income amount, and opening balances issues

3

Hi Tut,

  1. Yes, Sales is an income account.
  2. Sales Bonus is an income account for deliberate overpayments. I followed a procedure similar to what’s outlined for recording Customer advance payments and made it a separate account to keep the amounts distinct from the invoiced figures.
  3. Mistake on my part, sorry; I’ll go back and edit the post. The 72.52 went to sales bonus.
  4. Fees is an expense account.
  5. PayPal fees and transaction charges - #5 by lubos
  6. Where: summary > income total. Why: 50 + 150 + 75 - 2.48
  7. Sales shows Sales Invoice #2. Sales bonus shows the three Receive money transactions.
  8. Nothing in suspense, far as I can tell.

Bit of an update: The link above in 2. is something I’d not seen until just a few hours ago (thank you by the way; I believe the post that led me to it was one of yours) and another of those pages seems to have answered why the fees don’t show as having been deducted in the income summary. I’d like them to but if standard practice says otherwise I’m certainly not about to argue.

I’m still not sure what’s going on with that first invoice transaction though. Running a trial balance shows 272.52 for Cash on hand.

Thanks for the help, and please let me know if anything else remains unclear. It’s been a few years since I last did bookkeeping.