Keeping a detailed record of payments is critical for any business. It helps you track the payments received & future receivables, and also helps you in accounting & reporting.
The “Mark Paid” feature helps you do that quickly and efficiently.
To record a payment received, go to Accounting > Invoices > Go to the invoice for which you have received the payment > click on “Mark Paid” as shown below:
When you click "Mark Paid", the following pop-up form will open up:
As you can see above, you can add various details like the Amount Received, Transaction Charges, TDS, Payment date, Methods of payment, Payment Account, and additional notes like Payment Reference No., etc.
If you are doing your accounting on Refrens, you can also choose the Payment Ledger where you want to record the payment entry.
Adding Payment Accounts helps you track the payments coming in/going from your various bank accounts, credit/debit cards, wallets, and more. Learn more about Payment Accounts on Refrens >
If you also want to notify the client about the payment received, you can do that by marking the below-given check box shown below.
Collecting testimonials from your clients is very hard, right? Not anymore. Once you receive a payment and mark it paid, you can also collect testimonials from your clients automatically.
If you mark this checkbox, Refrens will automatically send an email to the client to collect a testimonial on your behalf.
Once recorded, you can keep track of the payment made by the clients against an invoice by going to invoice > invoice payment records.
Also, in case you have mistakenly marked an invoice paid, you can remove the payment details from invoice > more > remove payment.
Similarly, you can keep a payment record for your expenses as well! (Learn more about expense tracking here>)
Additional Resources
1. Payment Accounts on Refrens: Everything You Need to Know >
2. How to generate Payment Receipts?
3. How to show the due amount on the Invoice?
4. How to generate Payment Receipts for Payment Received in Advance?