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Outstanding Income

AaronRAaronR Member Posts: 1

Hi, I have an outstanding income for rental of property that I want to add to Accounts Receivable, but Accounts Receivable seems to require an Invoice for the transaction to be made; but when I create an invoice and record payment, i'm not able to select the category as Income to allocate the funds to my Rental Income account category. I can only select my asset accounts.

I can only choose Income account category if I manually add the income in my transactions journal (which would be done after the payment is received) but as the payment has not been made, I'm not sure how to add it as outstanding in the correct way.

So is it possible to set up Accounts Receivable for this payment, and to allocate funds to Rental Income after payment is marked as received?

Can anyone advise?

edited January 20, 2020 in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hi @AaronR . When you create an invoice, the amount is automatically recorded under Accounts Receivable as this is technically money which is owed to you before you've actually made the sale itself. Does this work for your workflow?

    If not or I'm missing something, please feel free to explain further so I can offer you additional assistance.

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