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Gnucash 2.4 Small Business Accounting by Ashok Ramachandran

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Time for action - setting up billing terms and adding customers

Let us say that you are about to make your first sale on credit. You will soon be creating an invoice and sending it to your customer. Prior to that, we are going to do two preparatory steps. First, we are going to set up a billing term of 2/10 Net 30. Next we are going to add the name and other details of Acme Inc, the customer, from whom you are about to win a contract:

  1. Prerequisites: Make sure you have an Accounts Receivable account in your account hierarchy. Typically, you will find this under Assets | Current Assets. If you do not have one, go ahead and create a new Accounts Receivable account. This should be of type A/Receivable and, preferably, have Current Assets as the parent. ...

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