You probably won’t use this for tracking purposes, but having the customer’s phone number or email address on hand will save you the hassle of digging up their information if you need to follow up or send a reminder. Typically, the status of a bill will either be Current or Past Due. This column is particularly helpful when you want to see a list of outstanding accounts. This number may be different from the total, particularly if you accept partial payments or if your business collects late fees. You’ll be able to easily see when the transaction is complete and if you do end up processing a partial payment, you won’t need to make any changes to your template. The amount is the grand total due, including any taxes or fees for things like delivery.Įven if your business doesn’t accept partial payments, it’s a good idea to keep track of the amount your client paid. Pro tip: In order to avoid confusion and potential late payments, it’s a good idea to list your payment terms directly on the invoice. This is the date the total amount is due. For your Invoice Date, use the date that you issued the invoice. While your bills may include dates for services, you generally won’t use a service date on your tracker template. If this is true for your business, make sure you include that number with the client’s name. Some vendors assign repeat clients a unique number. If you organize your customers by name, enter that information here. No matter how the number is formatted on the actual bill, consider using a standard number of digits. There are a variety of ways to assign invoice numbers, so choose the one that works best for your business. With accounting software, you can automate the entire invoicing journey, from sending invoices to receiving payments. Keep meticulous records of every payment received by your business, either in your accounting software or via an Excel spreadsheet. That way, you lower your chances of losing track of unpaid invoices. It’s important to create a process for invoice follow-ups once payment is considered late or expired. Create a process for payment follow-ups.This can result in unnecessary confusion when tracking. Make sure clients follow the same payment terms to avoid a situation like the following: Client A’s invoice is marked late on day 31 whereas client B’s invoice is labeled late on day 61. Develop uniform payment terms and conditions. Compared to paper invoices, which can easily get misplaced or lost, electronic invoicing can be a faster and simpler way of billing clients and tracking invoices. Consider the benefits of electronic invoices.(This is helpful when dealing with late or missed payments.) That way, your invoices will not only look the same but will also follow similar payment terms and conditions. Choose an invoice template and stick with it. Here are tips for keeping track of outstanding invoices: In the accounting world, money owed to your business from customers is known as accounts receivable.
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