The answer to the credit side of the invoice is an Income/Revenue
account. I like to track why I'm earning fees, and I charge different
rates based on the general category of work. (website maintenance is
less per hour than development for example)
For credit notes, it depends on the line item and reason for the credit.
It could be a debit to the same Income/Revenue account(s) as a reversing
transaction, or it could be to an Expense like 'Discounts & Allowances',
'Marketing Freebies', 'Bad Debts', etc.
Regards,
Adrien
On 10/26/23 1:12 PM, Eric Hammond wrote:
Question regarding credit notes (from below thread):
I sometimes do "first consultations" at no charge, but still create an invoice
to capture all the information.
In the past I simply create an entry to Dr Receivables and Cr some other
account (which one is also a question...)
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