Invoiceplace now provides an easy way to keep track of your customer’s account balance. See at a glance the total invoices paid, due, overdue and the total balance.
This provides an instant snapshot of your customer’s account. There is no need to manually add up receipts or invoices. Multi-currency billing software support is also provided and a total for each currency your customer has been invoiced will be displayed.
How is the customer balance calculated?
Paid: Total receipts (payments received).
Due: Total amount of unpaid invoices not past their due date.
Overdue: Total amount for unpaid invoices that have past their due date.
Balance: The total amount your customer owes (includes due and overdue invoices, and less payments received). If your customer is in credit a negative amount is displayed.
What does it mean if a customer is in credit?
A customer has a credit if they overpay an invoice. A negative balance is displayed in this case. For example if you create an invoice for $100 and your customer pays $110, the balance will be a credit of -$10.
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Want to know when your invoices are going to be paid? Looking for a way to predict your future income? Your wait is over! Accounts aging is the report you need today, to tell you what you are going to get paid tomorrow (well, not quite – but it does help!).
The accounts aging report is now displayed in the home tab of your Invoiceplace account, and is a useful and easy way for you to see total invoice payments due in the future.
The report uses the invoice due date, and calculates the total amount due by month. For example if you create an invoice in August for $100 that is due to be paid in September, the accounts aging report will show $100 due to be paid in September.
If your customer makes an early payment of $50 for this invoice, $50 will then be displayed for September. This means the accounts aging report does not show any payments you have received but will adjust accordingly to reflect the amount due.
The accounts aging includes multi-currency billing support, so if you have invoices for $50 in US Dollars and $100 in Canadian dollars both due in September these total amounts will be listed separately.
If you delete or change an invoice total, due date or the receipt amount or payment date the accounts aging will be automatically adjusted as required.
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Invoiceplace now has further improvements to handle multi-currency invoicing. The listings of your quotes, invoices and receipts/payments now display a currency code column.
Including a currency code is important when you have invoices in currencies that use the same currency symbol, such as the dollar sign. For example $100.00 may indicate an amount in US (USD) or Australian (AUD) dollars.
Also the total amounts by currency is also included.
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