Making a payment on an invoice
Making an interest payment
This guide addresses how to perform a manual payment for the settlement from the collection agency. Notifications about manual payments made for invoices sent for collection or partial payments applied to the invoice are also sent to the collection agency. This way, the collection agency stays updated, and unnecessary collections are no longer pursued.
Example - A settlement of 290.14 € has been received from the collection agency.
A payment of 269.80 for invoice (no. 1021) and interest of 20.34 have been paid from the settlement.
The payment and interest related to the invoice will be recorded separately.
Making a payment on an invoice
- Select Accounts Receivable – Invoices – Due invoices from the left frame of Sales Invoices
- Select invoice 1021 by clicking the row of the invoice once -> the row will change to a blue background
- Click the button Payments – Make Manual Payment at the top of the view
- Enter the required information for the opened payment
- Finally, save the payment by clicking the Done button.
Payment Details
Customer - Select the customer on invoice 1021 from the dropdown list. Note! The information will be automatically completed once the invoice is selected before clicking the Make manual payment button.
Type of Payment - Select from the dropdown menu; Debt Collection Agency Settlement
Payment Date - Select from the calendar the Payment Date, which is the date when the collection agency's settlement appears in the bank account.
Total- Enter the portion corresponding to the invoice from the collection agency's settlement
Debit Account - Select the accounting account for the payment entry from the dropdown menu.
Credit Account - Select the accounts receivable account from the dropdown menu.
Description - Enter a free-form message as a reference, for example, Settlement from the collection agency.
Applied to invoice - Select item invoice 1021. Note! The information will be automatically filled in when the invoice is selected before clicking the Make manual payment button.
Finally, save the payment with the Done button.
Making an interest payment
The interest payment can be posted directly to the accounting or alternatively processed through Sales Invoices into the accounting. If the interest payment is posted directly to the accounting, no interest payment (amount 20,34) will be made to the Sales Invoices at all.
Interest Payment on Sales Invoices
- Select Accounts Receivable – Invoices – Due invoices from the left frame
- Do not select any invoices
- Click the button at the top of the view Payments – Make manual payment
- Enter the required information for the opened payment
- Finally, save the payment by clicking the Done button.
Interest Payment Details
Customer - Select the same customer from the dropdown as on invoice 1021
Type of payment - Select from the dropdown menu; Collection agency settlement or Manual payment.
Payment date - Select from the calendar the payment date that the settlement from the collection agency appears on the bank statement.
Total - Enter the amount equivalent to the interest from the collection agency's settlement,
for example 20,34 EUR.
Debit account - Select the accounting account corresponding to the bank account from the dropdown menu.
Credit account - Select the appropriate account for late fees or other suitable account based on Sales Invoices from the dropdown menu.
Reference - Provide a free-form message as a reference, for example, Interest penalties paid by the Collection Agency.
Applied to invoice – field is left blank because the interest does not settle the invoice as paid.
Save the payment at the end with the Done button.