MASTERKEY BLOG

What’s changed with Payments?

A number of changes to Payments and Receipts have just been released, the most interesting of which are updates in invoices, reconciled payments and history of changes.

‘Payments’ has been renamed ‘Invoices (Payments Due)’

We had change the terminology to make sense of the new features and to keep in line with accounting standards. An Invoice is in reality a payment that is due, which will eventually be reconciled with a payment that is received. An Invoice now actually looks like an invoice, with any payment received clearly marked on the right and due totals showing below.

Generate a Receipt from inside an Invoice

You can still generate a single Receipt for Multiple Invoices from the main invoices page. We have added a new ‘Add a Receipt’ area within an individual Invoice too - which is where most of the magic happens.

See the full history of changes made to a particular Invoice

All changes to an invoice (for e.g. when it was created, what payments were received against it, when one of the payments bounced, etc.) are fully tracked and displayed in the new history section at the bottom of the invoice. This has been a popular request from users and something we’ve been meaning to add for a while.

Bounced and Returned Cheques

You can now mark payments as bounced, and replace previously bounced cheques with new ones, maintaining a full audit and reporting trail in the process.

Reconciled / Unreconciled Status

By default all receipts are marked as reconciled, meaning that the system assumes they have cleared. If you want to track the bank clearing process as well, then you can set up so that receipts get marked as unreconciled (or not yet cleared) when a cheque is received, and then later reconciled when the funds are actually received.

Payments Reporting

You can now also run reports on which cheques have cleared, which ones haven’t and which ones need replacement. Combine that with our Report Builder and you can build practically any payment report you can imagine.


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