Accounts Payable: General Question or Two

Just_Mark

Apologies in advance if this question doesn't belong here.

Just so I understand the Accounts Receivable in the Reports -> Account Transactions -> Accrual Reporting:

If all my clients have paid their invoices in full, then should there be a Debit for the amount of the invoice, and then an equal amount in the Credit column when the invoice is paid?

So if I create an invoice for $100, and the client then pays the $100 invoice (either by check or by wave payment), there should be a Debit for $100 for the individual invoice, and a Credit for $100 for the payment, right?

Thanks in advance.

CKEL

When you apply a payment to an invoice everything is done for you in the background. Create invoice-> automatically applied to Accounts Receivable (debit) and whatever account the item is set to apply to (credit). Then when paid, credit is applied to A/R and debit is applied to whatever account in your chart of accounts you’ve set to receive the money. You can look at the report for account balances to physically see the debit and credit for the invoice and the payment.