Accrual Basis accounting tracks income when the invoice has been generated and not when the payment has been received. Gorilla Desk allows for you to see both when invoices have been sent and also when they have been paid. Using the REPORTS and then TOTAL SALES report you can manipulate the date for that which is desired. The Status Column on the report shows whether or not the invoice has been paid or simply sent. If you are tracking your income on an accrual basis then you will use the amount total on the bottom of the report for the designated dates to see the amount of income to be reported based on the accrual method.

The following journal entry may be of help:

DR Accounts Receivable $XX,XXX

CR Sales $XX,XXX
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Once the payments have been received the following journal entry is used:

DR Bank Account $XX, XXX

CR Accounts Receivable $XX,XXX

The second journal entry which removes the accounts receivable off of the books can be done per customer or in your case, to match the deposited funds. Depending on the accounting software you are using it can be done in a lump sum as above or with multiple line items to track per customer as in the following example:

DR Bank Account $10,000

CR Accounts Receivable $2,000 - Customer ABC

CR Accounts Receivable $6,000 - Customer EFG

CR Accounts Receivable $2,000 - Customer XYZ

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Keywords: accounting, accounts receivable, banks, payments
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