This video will walk through how to create and record a new Payment in the system
Video Transcript:
In this video, we'll walk through how to create and record a new payment in the system. You'll learn how to enter payment details, associate payments with clients, matters, and invoices, and understand how the auto-allocation feature works. By the end of this training, you'll know exactly how to record payments accurately and where to view them once they've been saved. To create a new payment, from the left navigation bar, go to Payments. Click Receive Payment. Select a client. This will filter the invoice drop-down to display only invoices associated with that client. Optionally, you can select a matter to further narrow down the related invoices. Alternatively, if you already know the invoice number, you can type it into the Invoice field. The system would then automatically populate the corresponding client and matter. Next, select the invoice or invoices you want to associate with the payment. You can choose multiple invoices to pay at once. The date will default to today's date, but you can update it if needed. Select the payment method. The default payer is the client, but if someone else made the payment, you can select that individual instead.
This list is pulled from your contacts. Optionally, enter a reference, such as a check number, wire reference, or other payment identifier.
You can also add a description or note which serve as an internal comment about the payment. If you've selected more than one invoice, the Pay Total Due will automatically add them up, so you can quickly confirm that the total matches the client's payment. You can click on the Pay Total Due to auto-fill the amount field or manually type it in. If you'd like, click Attach from computer to upload any related documents, such as an image of the check if the client is paying by check. By default, the payment will be set to auto-allocate. If one or more invoices have been selected in the Invoice field, the payment will automatically be applied to those specific invoices. If no invoice was selected, the system will automatically apply the payment to all open invoices for that client based on your firm's default settings, typically paying expenses first from oldest to newest and then fees also from oldest to newest. If the auto-allocate payment option is not turned on and the invoice field was left blank, a credit will be posted to the selected client or matter, and you'll have the flexibility to manually allocate it later. Finally, click Save. And now you've paid the selected invoice. After saving, you'll be redirected back to the Payments list page. Here, you'll see your new payment added to the overall list in the table. Next, if you navigate to that client's record and open the Billing tab, you'll see a ledger that displays all invoices and payments tied to that client. The same view is also available at the matter level. When you open a specific matter and click on the Billing tab, the ledger will show all invoices and payments related just to that matter. And this concludes this video on how to create and record a payment in the system.