Online store sales inventory. I do not deal with cash and i do not need cash account. when i create sales invoice it is not shown under “Net Profit”, why? it is shown under “Sales” but not under “Net Profit”.
Also, how to change status of the invoice from “Due date” to “Paid in Full”? My customers pay instantly online i create invoices manually for my records and tax purposes.
Thank you.
Therefore you need some sort of “cash” account. The Manager tab maybe called Cash Accounts but under that tab you create all the different types of financial accounts - petty cash, bank accounts, credit cards, PayPal etc. Your customer payments have to go somewhere - into some type of “cash account”.
If your customers pay instantly - then you should be creating / using Receive Money not Sales Invoices for the sales. The results are the same, sales will show under the Income account, inventory will be adjusted and the tax will be recorded.
By creating Sales Invoices you are only doing half the transaction - the actual sale but not the payment.
To have the Sales Invoices show Paid in Full - you need to do the Receive Money.
Using Sales Invoices requires two processes.
Using Receive Money requires only one process.