Transitioning invoices from other systems is easy
Managing partially paid invoices in Rock Paper Coin involves recording payments already made via another system and appropriately closing out invoices when necessary. This guide provides an overview of the process, including step-by-step instructions and best practices.
Overview of Managing Partially Paid Invoices
Partially paid invoices occur when a client has made one or more payments toward the total amount due. Rock Paper Coin allows you to:
Record previously made payments on an invoice.
Adjust the invoice status to reflect payments received.
Close out invoices with partial payments instead of voiding them.
Steps to Record Previous Payments
To show that part of an invoice has already been paid, follow these steps:
Create a new Invoice: Add line items, rates, quantities, and applicable taxes to the invoice.
Set Up a Payment Schedule: Include each installment in the schedule. For payments already made, set the due dates in the past.
Save the Invoice as a Draft: Ensure all details are accurate before proceeding.
Record Payments Received: From the draft invoice, record the payments already received for the relevant installments using the 3-dot icon to the right of the "Status"
Send the Invoice: Once the payments are recorded, send the invoice to the client. You can customize the email and notes field if needed.
Closing Out Invoices that are Partially Paid
If an invoice has a payment and an event was cancelled or services are no longer needed, you want to close it out instead of voiding it, follow these guidelines:
Remove Remaining Payments: Adjust the invoice total to remove any unpaid amounts as needed. For instance, if the total was $3,000 and a client has made a $500 payment, adjust the invoice total to $500 (as long as no future payments are needed)
Remove any future payment installments in the "Payment Schedule": Delete all future payments so the invoice only reflects the one payment made
Click save and resend if you would like the client to receive a copy. The invoice status will update to "Fully Paid"
Common Issues and Troubleshooting Tips
Accurate Payment Recording: Double-check that all partial payments are recorded correctly to avoid discrepancies.
Customization Options: Use the customization features to tailor the invoice email and notes to your client’s needs.
By following these steps and guidelines, you can effectively manage partially paid invoices in Rock Paper Coin, ensuring accurate records and smooth client communication.