Know how to record payments in myBillBook
Written By Aashika Singh
Last updated 4 months ago
Feature Overview
The "Record Payments" feature in myBillBook billing software helps small businesses maintain accurate financial records by tracking payments received (Payment In) and payments made (Payment Out). This feature ensures seamless management of outstanding invoices, providing clarity on cash flow and aiding in financial planning.
Use Cases
Retail Shops: Easily track daily sales payments received in cash or UPI.
Service Providers: Record advance payments from clients and adjust them against future invoices.
Wholesalers: Monitor large payments made to suppliers, ensuring timely reconciliations
Steps to Record Payments (Payment-In & Payment-Out) in myBillBook
Step 1: Recording Payment In (Received Payments)
Navigate to the Sales Section
On the navigation bar, click on Sales.
Under the Sales tab, select Payment In.
Create a New Payment Entry
Click on Create Payment In.
Select Party Details
Choose the party from whom you are receiving the payment.
Enter Payment Details
Enter the payment amount.
(Optional) Link pending invoices by marking checkboxes for the respective invoices.
Add Additional Information
Specify payment date and payment mode (e.g., Cash, UPI, Bank Transfer).
Add notes if necessary for future reference.
Save the Payment Entry
Review the details and click on Save to record the payment.
Step 2: Recording Payment Out (Payments Made)
Navigate to the Purchases Section
On the navigation bar, click on Purchases.
Under the Purchases tab, select Payment Out.
Create a New Payment Entry
Click on Create Payment Out.
Select Party Details
Choose the party to whom you are making the payment.
Enter Payment Details
Enter the payment amount.
(Optional) Link pending invoices by marking checkboxes for the respective invoices.
Add Additional Information
Specify payment date and payment mode.
Add notes for better tracking of payment purposes.
Save the Payment Entry
Verify the details and click on Save to confirm the payment.
