Partial payments and installments
A partial payment is a payment smaller than the invoice; it reduces the debt but does not close the invoice. An installment plan is an agreed schedule of payments for one invoice or contract. Either way the books must show how much is paid, how much remains and which installments are overdue.
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Bookkeeping rules
- An invoice closes only when paid in full; until then it is “partially paid” with a balance.
- An installment payment is allocated in order — the earliest unpaid installment first.
- Link a payment to an invoice automatically only on strong evidence: the invoice or contract number in the payment purpose, or an amount exactly equal to the remaining balance.
- A weak match (similar amount, same counterparty) is a question for a person.
In Centa
Installment schedules are created for an invoice or contract; payments are allocated to installments automatically only on an exact balance or a document number, otherwise as a question in the Exception Engine. Installment reminders go only to your own company’s people — Centa does not message your customers.
Part payments are a common source of spreadsheet errors; how accounting software and a spreadsheet each handle them is compared in Excel or accounting software.