Customer Invoices
Hello everyone I just started using Quicken Home and Busienss and have a question on how to enter a customer invoice (I think this would be the best way to account for it but maybe someone can provide the correct way). I currently sell items on Amazon FBA. I get a weekly report from them that shows sales and fees. I tried creating an invoice but noticed that when I run any reports (like an income statement) that information doesn't show up until i actually mark the invoice as paid. I can customise the reports to run on an accrual basis and it appears the items will then appear. Running all the reports on an accrual basis seems like a hassle. I am thinking of handling this two ways. Solution #1)Create the customer invoice mark it as paid and put any amounts that Amazon is holding into an account named Undeposited Funds and once Amazon sends the payment then move the funds from Undeposited Funds into my checking account. This way all entries attached to the invoice (sales and fees are reported into the appropriate category as soon as they happen). Solution #2) Create an account named Amazon FBA. In that account I will enter all sales and fees. Once they send me a payment via ACH I can move the funds from that account to my checking account. Let me know if this is a good way to handle it or if anyone has any other suggestions. I guess either one works but I think Solution 1 might be best to track the weekly reports and match them up to the invoices.