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Wednesday Wisdom: Applying Payments For Accurate Business Reports

Rocket Matter’s newest update comes with functionality to accurately record your payments and ensure precise business reporting (i.e. accounts receivable and payments-towards-invoices reports).
When adding a payment, you have 3 options for recording the funds received: apply trust account funds, record payments towards the operating account, and apply payments towards specific invoices.

2-Select-an-option-for-where-to-record-the-paymentNow, when you record a payment to the operating account, you can choose if you would like to tie the funds to unpaid invoices.

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Step 1: Enter your payment amount.

Step 2: Enter your description (visible to the client on the invoice).

Step 3: Select record payment.

Step 4: Choose “Yes” or “No” when asked if you would like to attach the payment to unpaid invoices.

The 4th step for submitting the payment is crucial. If you are not tracking payments towards specific invoices, the accounts receivable report would be able to track how many days an invoice is past due. Providing this choice allows for accurate reporting on accounts receivable by making sure that all payments are accounted for, and correctly tracking the number of days an invoice may be past due.

TRAINING AND DEMOS
Rocket Demos are always available online 5 days per week!  Click here to select a time convenient for you and register.
Current customers who need a refresher on all things Rocket Matter are encouraged to jump onto one of our online training classes. We also offer them 5 days a week.
Our dedicated support team is always available 8am-8pm EST, Monday through Friday, to answer all of your questions and concerns. You can reach them by phone at 888-432-1529 option 1.