After some careful analysis on the feature requests and our forums, we identified another pain point for our users. Multiple Bill payment for a vendor.
Imagine this. It’s a bright sunny day, you reach office and get a frantic call from your vendor to clear your several outstanding bills. Not a result of your poor time management skill but just one of those days when everything on your to-do list goes awry. You want to resolve this as soon as possible so that you can go back to your planned activities. You pay your dues and click open your accounting software to do the tedious task of recording the payment ONE by ONE
Well that was ‘before’. Now Zoho Books allows you to record payment for multiple bills for a vendor from ‘a single screen’. You click on the magical button ‘bill payment’ and all the outstanding bills are listed on a single screen. Enter partial or full amount against the individual bills and save. You now save time which you can devote to growing your business.
Wait wait… we got more news !
If you are a business owner, chances are apart from receiving customer advances, sometimes your supplier may request for an advance payment for the supplies or goods delivered to you. You can use the same magical button ‘bill payment’, enter the advance amount and save it. When creating future bills for the same vendor, Zoho Books will remind you of the existing credits available which you can use to pay the bill.
Hope this little feature solves your problem. Do send your feedback in the comments below and stay tuned in for more updates coming your way!
As the new year unfolds, Zoho Invoice and Zoho Books brings glad news to one and all especially those weary folks troubled by monotonous work.
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.