Recording invoice payments accurately is essential for maintaining healthy cash flow and financial records within a business. This manual guides you through the process of recording payments for invoices using the ERP system's interface, ensuring that payments are tracked and reconciled correctly.
Navigate to Finance: Begin by navigating to the Finance section of your ERP system.
Select Invoices: Within the Finance section, locate and click on the Invoices option to view the list of invoices. Find Finance > Invoices in the left navigation menu.
Search or Filter Invoices: Use the search or filter options to find the specific invoice for which you wish to record a payment.
Open Invoice Preview: Click on the invoice number listed in the Invoice List or use the action menu on the right side of the line. You can open the invoice preview window in split-view by selecting the appropriate Preview option.
Access Payment Dialog: On the top action bar of the invoice preview, click the green "PAYMENT" button. This action opens the Payment Dialog, where you will enter the payment details.
Amount Received: Enter the amount you received. This can be in the form of Cash, Bank transfer, or any other means by which you collect payments.
Transaction ID: If applicable, record a reference number for the bank transfer or any other transaction ID provided during the payment process.
Payment Date: Specify the date on which you received and recorded the payment. This date may be the actual date of payment or the date on which the payment was entered into the system for partial payments.
Payment Mode: Select from predefined methods indicating to which bank account or payment method you received the payment.
Admin Note: Optionally, add an Admin Note for internal reference, especially if there were any notable situations or issues with the payment.
Email Confirmation Checkbox: At the bottom of the Payment Dialog, there is a checkbox labeled "Do not send invoice payment recorded email to customer contacts." Tick this box only if you do not wish to send the client a payment confirmation email.
It is generally best practice to leave this box unticked to automatically inform clients about the receipt of payments by your company, fostering transparency and trust.
Click the SUBMIT Button to record the Payment.
Once the payment is submitted and recorded you will see an overview of the payment with all data you submitted. The payment has now been associated with the invoice it was submitted for.
If you need to execute further manipulations or have any other additions on your invoice click on the invoice number to return back to your invoice. You will also see there that the payment was associated accordingly and the invoice status has been changed to "Paid".
Client Communication: It is considered best practice to inform your clients about the receipt of payments. This practice helps in maintaining transparency and strengthens the trust between your business and its clients.
Accuracy: Ensure all payment details are entered accurately to avoid discrepancies in financial records.
Documentation: Keep a record of all transactions and payment confirmations for future reference and auditing purposes.
Recording invoice payments in the ERP system is a straightforward process designed to ensure accurate tracking of financial transactions. By following the steps outlined in this manual, you can efficiently manage invoice payments, maintain accurate financial records, and foster trust with your clients through transparent communication.