My gnucash recipe

heres my gnucash account recipe

Initial setup

- Set up your bank account as "Assets:BendigoBank passport account" or whatever your income lands into, set your opening balance as of the financial year

- set up a "Assets:AR" as type Accounts/R

- Setup any Expense sub-accounts, these need to be defined prior to importing the QIF as theres a bug in the QIF importer.

Importing your QIF

For savings/bank account type

- Set the "Account Name" panel to read "Assets:BendigoBank passport account" or whatever your income lands into this is now set as the 'transfer' account, so any expenses are "transferred" from this account, put simply this account is now where the money is subtracted (expensed) from, INTO the destination (ie Expenses:Hobbies)

For Credit Card .QIF exports
- Set the "Account Name" panel to read "Liabilities:Credit Card". this is now set as the 'transfer' account, so any expenses are "transferred" from this account, put simply this account is now where the money is subtracted (expensed) from, INTO the destination (ie Expenses:Computer)

Creating an invoice

- Create a new invoice and fill in any relevant billable details. Set the "Income account" to "income:consulting"

- Click "Post" invoice to make this invoice readonly and ready to send to your client, select "Assets:AR"
At this point you will see your "Assets:AR" increase by the invoiced amount.

Payments on an invoice

- Goto "Customer: Process payment" fill in the customer name and invoice number, amount, set the "Transfer account" to "Assets:BendigoBank passport account" or whatever your income lands into for each invoice entry.

- you should see your Accounts:AR reduce by the invoiced amount, your "Income:consulting" and "Assets:Bendigobank" increase by the invoiced amount