Introduction:
Once you've sent out your invoices to clients, Keka PSA offers a wide range of features for managing payments. With the billing and invoicing tools, you can easily track the payment status of each invoice - whether it's been paid in full, partially paid, or if you need to write off an invoice or issue a credit note.
These features streamline your project finances, giving you insights into project profitability and client revenue. Let's explore how you can efficiently handle payments within Keka PSA.
To access all payment management options, navigate to the Invoices section. Simply click on Project (1) in the left navigation pane, then select the Finances (2) tab. Once there, ensure you're on the Invoices (3) tab and choose the Due Invoices (4) tab to view all invoice details.
Within this section, you will find a list of all the invoices you have created. Here, you can take various actions on these invoices, such as:
- Modifying or revising the invoice
- Noting the invoice as sent
- Updating the payment status
- Saving the invoice as a PDF
- Writing off the invoice
- Cancelling the invoice.
To make changes to an invoice, simply locate the invoice you wish to edit in the list and click on the three dots next to it under the Actions column. Then, choose the Update option from the drop-down menu.
Within the Invoice window, you can easily make any required adjustments to the invoice details before clicking on the "Update Invoice" button to save your changes.
After downloading the PDF version of the invoice to your system, you have the option to sign it digitally or physically before sharing it with the client.
Updating the status of the invoice to 'Sent'
If you have successfully sent the invoice to the client, you can reflect this in Keka PSA. Locate the specific invoice you wish to update the status for and click on the three dots icon beside it. From the dropdown menu, choose the option to Mark as Sent.
The invoice status will be changed to "Sent" once you update it.
Note: Once you have marked the invoice status as Sent, you will no longer be able to make any changes to the invoice.
Managing payment status
Easily track and manage the payment status of your invoices by indicating when payments are received. You have the flexibility to mark invoices as fully paid, partially paid, or adjust the invoice amount against any outstanding credit notes for a specific client.
To update the payment status, simply click on the three dots icon next to the invoice, and then choose the option to Receive Payment from the dropdown menu.
When filling out the Receive Payment window, make sure to include the Payment Date, Payment Mode, Reference Number, and Amount Received.
If the amount you enter is less than the total invoice amount, the status of the invoice will be updated to Partially Paid. Simply input the necessary information on the screen and then click on the Add button.
If the amount entered in the "Amount Received" field is lower than the total invoice amount, the invoice status will be updated to "Partially Paid."
Once the client submits the full payment and you input that amount, the invoice will no longer appear in the Due Invoices tab. Instead, it will be transferred to the Past Invoices tab with the updated status showing as Paid.
Adjusting invoices against credit notes
Credit notes are typically issued in instances of payment discrepancies or when a client makes an advance payment for a project. You have the option to create a credit note for the client for any additional amount they have paid, which can then be adjusted against future invoices.
To accomplish this, locate the specific invoice for which you need to update the payment status and click on the three dots beside it. From the dropdown menu, select the option to Receive Payment.
In the payment window, input the Payment Date, Payment Mode, and Reference Number. If there is an outstanding credit note for the client, you will see a checkbox labeled "Apply Credits to this Invoice." Check the box and specify the amount of credits to be used on this invoice. You can either fully settle the invoice with available credits or apply them partially. Once you've filled in the details, click on Add to confirm the payment. The total credits will be adjusted based on the amount used to pay off the invoice.
In some situations, you may need to write off an entire invoice and waive the payment. This can be done from the Due Invoices tab by clicking on the three dots icon and selecting the option to Write Off.
In the Write Off window, simply input the Write Off Date, provide a Reason for the write-off, and type CONFIRM in the confirmation field. Click on Confirm to complete the write-off process.
Note: After the invoice is written off, this action cannot be undone.
Finalizing the invoice write-off is a crucial step in the process.
Canceling an invoice is an option if you need to rectify errors or include additional details in an already sent invoice. To cancel an invoice, simply click on the three dots icon and choose the Cancel Invoice option from the drop-down menu.
Note: You are unable to cancel an invoice if a payment has already been received for it.
Within the Cancel Invoice window, provide a reason for the cancellation, and then confirm by selecting 'Yes, Cancel.' This action will effectively cancel the invoice, and once confirmed, it cannot be undone.
Note: If you decide to cancel the invoice, please note that this action cannot be reversed. Additionally, any charges listed on the invoice will be marked as non-billable once the cancellation is confirmed.
If you want to learn more about the Creating & Editing Invoices in Keka, then click here: Creating and editing invoices on Keka PSA
This concludes the section on managing payments within Keka PSA. For further assistance or more information, feel free to explore additional help articles or reach out to our knowledgeable product experts for guidance.