How to Receive and Apply Payments in Bill for Time: A Step-by-Step Guide (Full Transcript)

Speaker 1: When you receive a payment from a client, you can track that in Bill for Time and apply them to the appropriate invoices. This can be done either by clicking on the Accounting tab in your menu bar, then clicking Receive Payment, or you can go into one of the clients or projects you're working on to receive the payment directly there as well. Once you click Receive Payment, you will want to fill in the details shown. Choose your client by pulling down the dropdown or typing in the client's name if they're not already there. If the Project dropdown appears, you will be required to choose a project for this payment. Enter in the amount of the payment in the Amount box. You can change the date if needed, as well as the payment method. If it's a check, make sure to enter a check number in the box below. You can add notes to the payment which will show on your invoices and reports. From here, your next step would be to apply the payment to an invoice. You will see a list of outstanding invoices at the bottom. Choose the invoice that this payment belongs to, and enter in the amount at the bottom. Click the Apply button, and then click Save. This process will be adding the payment and applying the payment to the invoice marking it as paid. Let's say you saved the payment, but did not apply it. The amount will still deduct from your outstanding balance, and the invoice will just show as unpaid instead. It is not required to apply payments to invoices, however, it is highly suggested, so some of the accounting reports like invoice error aging, payments applied, collections, and more would reflect properly. Let's say you have a lump payment that goes towards multiple invoices. Go through the same process, and enter in the full amount in the top amount box. Then in the bottom amount box, you can enter in the amount you wish to apply to just that specific invoice, and then click Add. Do this for the next invoice until the payment is brought down to zero. Once this is completed, click Save. If the client overpays, just apply whatever can be applied and leave the amount remaining so that when you create a new invoice, this overpayment can be applied to it later. In this example, if you created a new invoice, you can apply that overpayment, or credit in the account, to the invoice itself. Open the new invoice, and then on the Invoice Details page, click the Payments tab. From here, you can receive new payments, or, by clicking the Apply Payment button, it will bring up the list of any payments that still have money left over, or have not been applied to an invoice yet. Click the Save button to apply the payment to the invoice. Going back to the Accounting tab, you will see that all invoices for your client will then be marked as paid. Thank you for watching the Receive and Apply Payments tutorial, and continue watching for the Balance Adjustment tutorial next.