Payment allocations are an important part of payment tracking and important for any successful business. You need to know how much money you are owed, and to do this you must allocate correctly to know which invoices have been paid. Tracking and allocating payments is an efficient way of managing your business and driving it towards success. That’s why this Tip of the Week will show you how to record a payment and then allocate it to the appropriate invoice.
Once you receive payment from a client, the remittance can be recorded under the Payments>Payments tab. You can keep an accurate and up-to-date record of payments and promptly allocate your receipts to the appropriate projects.
Payment allocations also means a healthier cash flow without interruption of income. And when you are on top of payment allocations, you can easily identify any shortfalls and investigate errors quickly.
If you’d like more help on recording your payments and/or making allocations call us at 1.800.715.1284, email us at [email protected] or schedule a FREE 30-minute support session.