The Partial Payment Recording feature allows you to accurately track and account for customer payments that do not cover the full invoice amount, maintaining clear records of paid and outstanding balances. Partial payments are common in business when customers face cash flow constraints, negotiate payment plans, or make installement payments for large invoices.
Exacc automatically updates invoice statuses to "Partially Paid" when you record payments less than the full balance, clearly distinguishing them from fully paid or completely unpaid invoices. The system calculates and displays the remaining balance, tracks the payment history showing all partial instalments, and maintains accurate accounts receivable balances reflecting the true amount still owed.
When recording partial payments, you can document payment arrangements, extend due dates for remaining balances, set up follow-up reminders, and configure payment plans for structured installement schedules. The system supports multiple partial payments against a single invoice, allowing customers to pay in several instalments until the invoice is fully settled whilst maintaining complete audit trails.
Want to learn the exact steps to record and manage partial payments effectively? Follow our guide below for a detailed walkthrough of the partial payment recording process.
Record customer payments for less than the full invoice amount and track remaining balances
The partial payment has been successfully recorded - the invoice status is updated to Partially Paid, the remaining balance is clearly displayed, and you can continue tracking subsequent payments until the invoice is fully settled.