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smoked1
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Post subject: Please help. I have no idea what I am doing.  Posted: Tue May 25, 2010 6:39 pm |
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Joined: Tue May 25, 2010 2:51 pm
Posts: 6
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I have started my own consulting company and I have zero accounting or book keeping experience. Is there a link that someone can give me to help me out here? All of this stuff is very confusing for me. Right now I have added a service item in the inventory for "Hours of Service. I am trying to generate an invoice for a client. Do I need to create a Sales Order first?
When creating an Invoice what do I put for "SO Bal", "GL Account", and "AR Account". Sheesh, I can work on computers all day but when it comes to numbers I have no clue. Should I just use Excel until I can afford an accountant?
Thanks for any help that you guys can give me. This is driving me nuts.
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dave
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Post subject: Re: Please help. I have no idea what I am doing. Posted: Thu May 27, 2010 2:15 pm |
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Joined: Fri Oct 26, 2007 3:55 pm
Posts: 3499
Location: Colorado, US
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When creating an invoice, the SO BAl field is read only and cannot be changed, ignore it. You do not need a sales order to generate an invoice. It can be done directly from the Sales/Invoice screen. The GL Account is the account to post the sale to, generally it is a type Income account (4000 in the chart of accounts for the demo company). AR account is the accounts receivable account (of type accounts receivable). This is what your customers owe you but haven't paid. When they pay, this account is reduced and a cash account is increased. When you look at your financials, you can see how much people owe you and how much cash you have in your bank account.
Dave
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smoked1
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Post subject: Re: Please help. I have no idea what I am doing. Posted: Thu May 27, 2010 5:30 pm |
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Joined: Tue May 25, 2010 2:51 pm
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Thank you very much. That helps out quite a bit.
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