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Recently I worked on an interesting accounting problem where the business owner was generating invoices but the customer in turn was settling the invoices in lump-sum payments.
Consider something like this..
Date | Invoice | Customer | Amount |
01-Jan | 1 | Alpha | $100 |
01-Jan | 2 | Alpha | $120 |
02-Jan | 3 | Alpha | $50 |
But the customer rather than paying in-full against the invoice, paid 2 lump-sum payments of $70 and $150.
Date | Customer | Amount Received |
02-Jan | Alpha | 70 |
05-Jan | Alpha | 150 |
Now the problem arises when the business owner needs to set-off invoices manually using FIFO (first in first out method) against the payment received till date to find out which invoices have been paid off. This problem gets further complicated when the customer sometimes pays against the invoices (in-full or partially) and sometimes pays lump-sum.
My new Invoice and payment management template solves it, pretty elegantly!
Video Tour of the Template
The template can be purchased from the following link - https://www.goodly.co.in/invoice-payment-template/
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