Payment tracking is an important process to run a successful business and payment allocation is an essential part of that process to assure you know what invoices have been paid, and more importantly, which haven’t.
Another big reason to allocate payments on invoices is to assure your reports in TimeSolv show accurate information.
If you do not allocate the payments and then run an invoice report, it may not show the correct information.
Moreover, the Aged Invoices report in TimeSolv will be much longer than it needs to be because the invoices that have been paid will still appear.
Considering the importance of allocating payments to invoices, today’s Tip of the Week reviews the process for you.
To start the payment allocation process, click on Payments and then Payments, now specify the date of the payment, and select the client matter.
Select the credit type as Payment from the drop-down menu and the payment method from a variety of options like Check, Credit Card, etc. Then specify the payment amount.
You’ll now see the recorded payment below and can move towards allocating to the invoice. Click on the Allocate link, you will see that you have a number of options on how would you like to allocate the payment.
Choose what invoices you’d like to allocate the payments to and the amount for each. Make sure to save and you’re done!
You can also watch the video below to understand the process better.
If you’d like more help with understanding the payment allocation process or any other tools, please call us at 1.800.715.1284, email us at [email protected] or schedule a FREE 30-minute support session.