Properly recording invoice payments in COUNT ensures that your financial records remain accurate and up-to-date. There are three methods to record an invoice payment in COUNT:
Method 1: Auto-Creation and Matching via COUNT Pay
Automatic Process: If you are using COUNT Pay, the system automatically creates and matches transactions when an invoice is paid. This seamless integration keeps your records accurate without requiring manual intervention.
Method 2: Recording a Payment from the Invoices Page
Navigate to Invoices:
On the left-side menu, click Invoices & Estimates.
Locate the Invoice:
Find the invoice for which you want to record a payment and click Record A Payment in the actions column.
Assign a Transaction:
A pop-up will appear showing a list of all transactions that can be assigned to that invoice. Transactions already assigned to invoices will not be displayed.
Select the appropriate transaction from the list and click Save.
Payment Status:
If the transaction amount matches the invoice amount, the invoice will be marked as Paid.
If the transaction amount is lower than the invoice amount, the invoice will be marked as Partial.
If the transaction amount is higher than the invoice amount, the system will prompt you to split the transaction, and the invoice will be marked as Paid.
Method 3: Marking an Invoice as Paid from an Income Transaction
Navigate to Transactions:
On the left-side menu, click Accounting > Transactions.
Locate the Income Transaction:
Find the imported income transaction associated with the invoice payment or manually create a transaction.
Categorize the Transaction:
In the Category drop-down menu, select Payment Received for an Invoice, then select the appropriate invoice.
Changes made to the income transaction will automatically reflect on the invoice, ensuring that all related records are synchronized.
Tips for Recording Invoice Payments
Accurate Matching: Ensure that the transaction amount accurately reflects the payment amount to avoid discrepancies.
Partial Payments: If the invoice is partially paid, keep track of the remaining balance to follow up with the customer if necessary.
Split Transactions: When a transaction amount exceeds the invoice amount, use the system's prompt to split the transaction accurately.
By following these methods, you can efficiently record invoice payments in COUNT, maintaining precise and up-to-date financial records.