Receiving a payment is acknowledging that a payment has been received from the client. When adding a payment, the funds will automatically be deducted from the client's outstanding totals.
Applying a payment allows you to keep track of payments against certain invoices. Applying a payment has no effect on the totals of a client's account, it only changes an invoice status from saying Unpaid to Paid.
Applying payments is the best way to run accurate accounting reports. The Invoice AR Aging, Payments Applied, Collections, and Invoice report all require payments to be applied to Invoices in order to show the proper totals. The totals from these reports are based on the invoice status.
For instructions on how to apply payments click here.
Comments
6 comments
I am confused. I have looked all over and I do not see any buttons for "adding a payment" or "posting a payment." The only button I can find regarding payments is "Receive Payment." Please clarify.
me too!
There is not a button for "adding a payment" or "posting a payment." If you go through enough questions in the knowledge database, you will see that users often talk about adding a payment and/or posting a payment. This user has seen that and is just trying to understand the difference between the 2. That's all.
There is not a button for "adding a payment" or "posting a payment." If you go through enough questions in the knowledge database, you will see that users often talk about adding a payment and/or posting a payment. This user has seen that and is just trying to understand the difference between the 2. That's all.
Sandra--
Thanks for your replies to my prior comment. But apparently, I did not make myself clear. Understanding the difference between "adding a payment and "posting a payment" is indeed helpful. But, that's not all. I still need to understand how to actually do the latter. I have no problem "receiving" (/a/k/a "adding") payments. But I still have not managed to figure out how to "apply" (a/k/a "post") a payment to a particular invoice. Thanks.
I used to be able to post to a single invoice but no longer.
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