Reporting on Partial Payment Invoices
With new fall 2018 new feature we can now issue an invoice into parts. A customer can put a deposit down and partially pay for a total.
What I found: On our Janurary End of Month my account said we have unaccounted for extra money in our bank account. The Reason: There is no reporting on the sales report of this money whatsoever for deposits paid to partially pay an invoice.
To elaborate: If i issue a $1000 invoice with two payments, $500 due now and $500 due in 6 months when the client pays the $500 the invoice now shows in invoicing as "partially paid" . The $500 is then deposit on our next deposit into our bank. There is NO RECORD under the sales reporting of this $500. The only record is the deposit report which gives a daily grand total, does not break out what invoices are in that deposit or transaction #'s What if i had (10) $500 deposits paid that day? I'd have no way to break out which was paid. The only to know the source of that $500 in my bank account is to actually look in invoices, find the "partially paid" invoice by clicking each one to find the correct one. What we do get is the deposit paid email which is what we are currently using to record that $500 to our accounting.
What would be helpful: Adding a line to the sales report stating deposit paid so on a monthly/daily sales report i know how much total amounts of deposits are paid so we can reconcile properly to match the deposits going in.
**I searched for a bit to find a thread matching this and was unsuccessful. If someone already has a discussion going please tag it.
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Posted 01-05-2020
@amccurdy - I can definitely see how partial payments with Square Invoices can throw you off and make for a frustrating experience when balancing your books.
While partial payments toward an invoice are posted to your deposit reports, they will not appear in your sales summary until it's fully paid unfortunately.
You're not the only Seller that has noticed this pain-point and we're working make improvements to Invoices as it relates to Reporting.
We'll keep you posted here with any updates. Thanks for your patience!
Posted 02-10-2019
@Woodroe99 Thank you for posting this feature request. (There isn't an existing post about this as partial deposits with Square Invoices is sill relatively new.)
The Invoices team is already working to improve the reporting for parital deposits and I'll surface your experience them to them as well - thank you very much for the detail. I can't share a timeline here in the Community but we'll udpate this thread to keep you informed of any developments.
In the meantime, you can view your paid partial deposits from the Invoices section of your online Square Dashboard. Click All Invoices and select Outstanding > you'll see the status for partial deposits as 'Partially Paid'.