Keeping track of your vendors payments or outstanding amounts is crucial to the success of your business. Once you have created a new invoice, you can record any partial or full payment against this invoice and see exactly what is owing at any given time.
Recording a payment
Search/select the relevant property file associated with this payment.
Select the Marketing tab then Invoices tab.
Here you will see a list of ALL invoices relating to this property along with the due date, total, amount already paid and any amounts owing.
Any invoices that have been marked as paid and finalised will appear with a green tick while the outstanding invoices will appear grey.
To the right of each invoice there is a Download button and a small downward facing arrow. Click this arrow and select Edit Invoice.
Simply add the payment amount to the existing already paid amount and click the green Edit Invoice button at the bottom.
You will now see the invoice summary reflect your changes including the new amount due.
You may wish to download the updated invoice and provide a copy to your client for their records. To do this, simply click the Download button.
Example; Already Paid amount $1500. If you receive a payment of $100 today, edit the Already Paid amount to $1600.
Marking the Invoice as paid
To make it easier to recognise which invoices you need to follow up and which ones are completely paid, you must mark all finalised invoices as Paid within LockedOn. To do this
Add the final payment as instructed above.
Click the downward facing arrow once more
Select Mark Invoice Paid. This will ensure this invoice now shows a green completed tick in the Invoice tab.
You may wish to download the updated invoice and provide a copy to your client for their records. To do this simply click the Download button.
Bulk Invoice Monitoring
If you have a dedicated accounts admin team they can access ALL invoices from one central location, rather than checking each individual property file.
Go to the Engine section of LockedOn.
Click the View All button under Invoices.
This will bring up all invoices that have NOT YET been marked as PAID.
This will allow your accounts team to see exactly how much is owing and by whom at any given time. To help save them working through each individual property file, they can also make payments, mark as paid and download any invoice just as described above but all within one central location.
To view/download ALL invoices, regardless of whether they have been marked paid or not,
click the 1 Filter Applied button in the top left corner of the list.
Select Clear All Filters.
Please note; only admin users will be able to access the invoices section within the LockedOn Engine.