Invoice Payments as Gross Receipts

Hi, I'm new to MS Money 2004 from Quicken. I set up 
invoices, and when I receive payment to my business 
account, it only records the transaction as "Payment of 
Invoice" If I manually change it to "Gross Receipt" the 
program puts the invoice back into open AR. 

The problem is that I can't link "Payment of Invoice" to 
my Schedule C. Can anyone help?

Thanks!
0
anonymous (74718)
12/7/2003 4:03:31 PM
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Hi Dave

I'm using y2k money but they're probably similar.  What's happening is when
you invoice the item it goes into gross receipts, not when you're paid for
it.  I don't like this procedure but if i recall correctly that's "proper
accounting procedure."  That's when it goes to the schedule c.

One thing I've noticed that I don't like is the requirement to show the
invoice payment as a deposit.  My businesses are both all cash (no accounts
receivable in reality) so is there any workaround to simplify this?  I've
never used the inventory previously but if i can see a simple way to make it
work I'd like to.  The way I've been doing it is just having a subcategory
to revenue for each business when making deposits.  Trying to use the
inventory messes this up requiring the invoice payment to show as an
immediate deposit.  I usually deposit once or twice a week.

Lew

Lew
"Dave" <anonymous@discussions.microsoft.com> wrote in message
news:02fb01c3bcdb$a8c3a680$a001280a@phx.gbl...
> Hi, I'm new to MS Money 2004 from Quicken. I set up
> invoices, and when I receive payment to my business
> account, it only records the transaction as "Payment of
> Invoice" If I manually change it to "Gross Receipt" the
> program puts the invoice back into open AR.
>
> The problem is that I can't link "Payment of Invoice" to
> my Schedule C. Can anyone help?
>
> Thanks!


0
bcl (29)
12/7/2003 9:04:30 PM
Reply:

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