What is an invoice payment? #
An invoice payment is the amount of money paid by a client or contractor against a previously issued invoice. The amount due and invoice payment almost always match, but there can be times when a client disputes an invoice and pays less. You’ll want to make sure you catch such disputes early!
Also known as: Remittance
Invoice payment process #
A contractor send an invoice for her/his services to a customer. The customer reviews the invoice, and, satisfied that it is fair and consistent with the contract, sends back a check for the full amount. That invoice payment is received by the contractor and reconciled against the outstanding invoice. The invoice is then marked paid and closed.
Record invoice payments in Knowify #
Knowify tracks invoice payments and outstanding balances. Better yet, Knowify can actually help you get paid due to our direct integrations with well-known payment providers like Square and PaySimple.
