Our developers had been elbow deep in some amazing coding this past few weeks and now we bring to you a revised and revamped customer payment feature. You can now record advance payment and record payment for multiple invoices all from a single screen.
Let’s say your customer makes a one-time payment for three different invoices. How would you show this in your Zoho Invoice account? Click on the video below to unravel the secret.
Whoa…was it that simple? Yes it is. Not just in Zoho Invoice, but it is possible even in Zoho Books along with some crucial accounting principles taken care of in the background.
Was something missing with the old invoice payment method?
Effective as it was, the old process was time consuming because you could add payment only to individual invoices. With the new additions, payment received from a customer for multiple invoices is possible from one single screen.
Did you know advance payment received is not actually your income…yet?
Companies need to record advance payment received from customer as ‘unearned’ revenue and not earned revenue as the service is not yet delivered. If the amount is recorded as sale/income, you will get a bloated figure in the financial statement which is not the accurate picture of your business’ performance.
Let’s see how this is smoothly tackled in Zoho Books.
Joggle your memory and from the video you’ll recollect that an advance payment of $200 is recorded for Jane’s next project. Our super cognitive accounting software will reflect the amount in the cash flow statement as ‘Unearned Revenue’. At the time of Jane’s next invoice payment, you decide to use the excess payment available. From the remaining balance of $200, you use $100. The Cash Flow will now reflect as below
Cool isn’t it!
Do visit our help page for more information on Advance Payment and Multiple Invoice Payment.
Now we are onto our next work item with great gusto and in the meantime, please drop us your feedback in the comment section.