Partial & Advanced Payment (With Example)

partial payment partial payments enables tenants to pay a portion of their total rent or outstanding balance , with the ability to make payments to cover the remaining amount this feature is beneficial for tenants facing financial constraints making sure that property managers maintain consistent cash flow go to the payment section log in to the rentilium erp system with your credentials on the left hand sidebar, click on the accounting section expand the menu to reveal options like billing, utilities, and payment select payment to open the payment management dashboard view invoices and payment details in the payment section, a table displays all invoices and payment records the table includes important columns such as rental unit identifies the specific unit tenant name shows the name of the tenant responsible for payment invoice number a unique identifier for each invoice amount payable displays the total amount due amount paid shows the amount already paid payment method indicates how the payment was made (e g , upi, bank transfer) status displays whether the invoice is paid, unpaid, or partially paid invoice provides a pdf link for downloading the invoice actions includes an update button to modify payment details update payment details in the edit payment window, you will see the following fields invoice number auto filled and uneditable payment method choose from available options such as upi, bank transfer, or cash status select paid , unpaid , or partially paid depending on the payment amount payment date enter the date the payment was made amount payable displays the total invoice amount amount paid enter the partial payment amount made by the tenant transaction number input the transaction id for reference, especially for online payments after filling in the details, click on save changes to update the payment information confirmation of payment update upon successfully saving the changes, a confirmation message will appear, indicating "payment updated successfully" now, click ok to proceed the payment status in the main table will now reflect the updated information, showing partially paid if the full amount hasn’t been cleared review updated payment record return to the invoices and payment details table verify that the amount paid reflects the partial payment amount entered the status column will show partially paid if the balance is still outstanding you can download the updated invoice by clicking on the pdf icon in the invoice column view updated invoice open the downloaded invoice to review the changes the invoice will display total amount due amount paid outstanding balance (if applicable) payment details, including date and transaction number this updated invoice provides transparency for both tenants and property managers regarding payment status advanced payment the advanced payment feature in rentilium erp is enabled to offer financial flexibility and convenience for tenants who prefer to manage their rent payments ahead of schedule move to the payment section 1\ log in to the rentilium erp system using your credentials 2\ on the left hand side, click on the accounting module to expand the available options 3\ under the accounting section, select payment to proceed to the payment dashboard view invoices and payment details within the payment section, you'll find a list titled invoices and payment details this section displays critical information, including rental unit tenant name invoice number amount payable amount paid payment method status (paid/unpaid) invoice date actions (update payment) initiate advanced payment 1\ select the invoice for which you want to make an advanced payment 2\ click on the update button under the actions column 3\ a payment editing form will appear, displaying the invoice number, current status, and fields to update the payment 4\ in the edit payment section choose the payment method (e g , bank transfer, credit card, upi) enter the payment date when the transaction is initiated in the amount paid field, input the amount you wish to pay since this is an advanced payment, the amount can exceed the current due amount provide the transaction number as a reference for future verification once the details are filled in accurately, click on save changes to proceed confirmation of payment after submitting the payment details a confirmation popup will appear with the message "payment updated successfully" click ok to acknowledge the update verify payment updates after confirming, you'll be redirected back to the invoices and payment details page the updated payment details will reflect status changed to paid the amount paid will now show the advanced payment amount the payment method will display the selected option review updated invoice to view the updated invoice reflecting the advanced payment click on the pdf icon under the invoice column the invoice will open in a new window, displaying tenant information rental unit and property details invoice number and date payment breakdown (including advanced payments) gst and tax details total paid and outstanding balance reflected advanced payment on dashboard 1\ return to the dashboard to view the updated outstanding balance 2\ the outstanding balance should reflect the deduction from the advanced payment 3\ the total rent collected section will also show the cumulative amount, including the advanced payment