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Payment Received Overview

What is Payment Received?​

Payment Received records all incoming payments from customers against their outstanding invoices. It tracks payment methods, bank accounts where money is deposited, links payments to specific invoices, and manages your cash inflows while maintaining accurate accounts receivable records.

Who Uses This?​

Accounts Receivable Team

Record customer payments and track cash inflows

Finance Team

Manage collection schedules and bank reconciliation

Sales Team

Verify payment status before processing new orders

Collection Team

Track payment commitments and follow-ups

Key Features​

Payment Management​

  • Multi-Invoice Payment: Apply single payment across multiple invoices
  • Partial Payments: Split invoice payment over multiple transactions
  • Payment Modes: RTGS, NEFT, IMPS, Credit Card, Debit Card, Cash, Cheque
  • Bank Selection: Choose which bank account receives funds
  • Auto-Linking: System links payment to pending invoices
  • Reference Tracking: Record transaction IDs and check numbers

Financial Control​

  • Due Date Tracking: View invoices by payment due dates
  • Pending Amount: See outstanding balance per invoice
  • Payment History: Track all payments received from customer
  • Bank Reconciliation: Match payments with bank statements
  • Payment Allocation: Distribute amount across multiple invoices
  • Audit Trail: Complete payment history with timestamps

How It Works​

Typical Workflow

  1. Review Overdue Invoices: Check invoices approaching or past due date
  2. Customer Payment: Receive payment via bank transfer, card, or cash
  3. Select Customer: Choose customer who made payment
  4. Pick Invoices: Select one or more invoices to settle
  5. Record Payment Mode: Enter RTGS, credit card, etc.
  6. Select Deposit Account: Choose which bank account received funds
  7. Allocate Amount: Full or partial payment per invoice
  8. Save & Update: System updates invoice status to Paid/Partial Paid
  9. Reconcile: Match with bank statement entry
  10. Follow-up: Track remaining balances for collection

Payment Status Tracking​

StatusMeaningInvoice Impact
Full PaymentComplete invoice amount receivedInvoice marked as Paid, zero balance
Partial PaymentPart of invoice amount receivedInvoice remains Open, balance reduces
OverpaymentAmount exceeds invoice totalExcess creates customer credit balance
Advance PaymentPayment before invoice generationApplied when invoice is created later

Payment Modes​

ModeUse CaseReference Required
RTGSLarge amounts (₹2 lakh+), same-day settlementYes - UTR number
NEFTMedium amounts, hourly batch processingYes - Transaction ID
IMPSImmediate payment, 24/7 availabilityYes - Transaction reference
Credit CardOnline payments, customer convenienceOptional - Authorization code
Debit CardDirect bank account debitOptional - Transaction ID
CashCounter payments, small amountsNo - Cash receipt issued
ChequeTraditional payment methodYes - Cheque number

Getting Started​

TaskGuideTime Required
Record New PaymentHow to Add Payment Received5 minutes
View & Manage PaymentsHow to View Payments3 minutes
Apply to Multiple InvoicesMulti-Invoice Payment7 minutes
Field DefinitionsPayment Fields Reference5 minutes

Common Scenarios​

Scenario 1: Single Invoice Payment​

Customer pays full amount for one invoice via RTGS. Record payment, link to invoice, enter UTR number, and mark invoice as paid.

Scenario 2: Multiple Invoice Settlement​

Customer sends one payment to clear three pending invoices. Allocate the total amount across all three invoices based on their outstanding balances.

Scenario 3: Partial Payment​

Customer pays 50% of invoice amount now, balance later. Record partial payment, invoice remains open with reduced pending amount.

Scenario 4: Advance Payment​

Customer sends advance before order shipment. Record payment without invoice link, apply later when invoice is generated.

Integration with Other Modules​

Invoicing Module​

  • Payments automatically update invoice status
  • Invoice balance reduces by payment amount
  • Fully paid invoices marked as Closed

Accounts Receivable Report​

  • Outstanding balances reflect latest payments
  • Aging analysis updates in real-time
  • Customer credit balances tracked

Bank Reconciliation​

  • Payment entries match bank statement lines
  • Reference numbers aid in matching
  • Unmatched payments highlighted for review

Credit Note​

  • Credit notes can be applied alongside payments
  • Combined application settles invoice faster
  • Both adjustments tracked separately

Quick Tips​

Best Practices

Record payments on the same day funds are received to maintain accurate cash position

Always capture bank reference numbers (UTR, transaction ID) for easy reconciliation

Review pending invoices before contacting customers to understand exact outstanding amounts

Apply payments to oldest invoices first to reduce aging and improve DSO metrics

Use payment mode dropdown consistently for accurate payment method reporting

Attach bank credit advice or payment screenshot in Documents for audit trail

Set up automatic payment reminders for customers with upcoming due dates

Run daily payment received report to monitor collection performance

Need help? Contact support at support@bizconnekt.com