Managing Payments

Once the customer receives an invoice, the next step is to track and manage payments. ERP systems provide functionality to log payments, track outstanding amounts, and send payment reminders.

Key Concepts in Payment Management:

• Payment Methods: ERP systems track different payment methods, such as credit card, bank transfer, or cash.

• Partial Payments: If a customer only pays part of an invoice, the system tracks the remaining balance.

• Overdue Payments: Automated reminders can be sent to customers when payments become overdue.

• Reconciliation: Payments received are matched against the respective invoices, ensuring that financial records are accurate.

Payment tracking: Emailing Payment reminders in Pakk