Invoice Tracking Template – Track Auto-billing and Payment Status
An invoice tracking template can be highly resourceful for an organization. It makes it easy for companies to evaluate the aging summary of their clients and track their payment status. With invoice tracking, companies can do auto-billing, invoice scheduling, gather insights about its cash inflows and outflows, payment tracking, invoice tracking, and even customize their invoice templates.
This makes it possible for companies to do invoicing and accounting in one place and even enables them to send automatic reminders to their customers for clearing their pending payments. Invoice tracking can be a seamless experience for companies since it becomes easy for them to create invoices and track pending payments.
About the Template
- A company that is willing to track its invoices can readily save its time and energy with the use of this template. It has all the required elements that a company shall need to follow its invoices.
- The elements mandatorily mentioned in the invoice are the details of the seller, the buyer whose invoice is required to track, invoice number, date of invoice, and all other information about every transaction undertaken by a company during the period the invoice is made for.
The details required in the above-provided invoice template are provided and discussed below-
#1 – Heading of the Template
The template must have a heading that states the “invoice tracking template.” The reason for providing this heading would be to ensure that the user can easily understand the purpose of this template.
#2 – Date of Invoice
The date of the invoice is crucial for the supplier to provide, and the same must not be wrongly mentioned or skipped. The date must be provided at the topmost and that too on the right side of the template.
#3 – The Ageing Summary of the Debtors
The aging summary of a particular debtorDebtorA debtor is a person or entity that owes money to the other party in a transaction. The receiver is referred to as the creditor, and the payment terms vary for each transaction based on the terms and conditions agreed upon by the parties. must display at the topmost left corner, and offer the aging summary along with the dates. After all this information is provided, the total outstanding must be calculated by adding up all the aging values. This summary will be calculated based on the details elaborated in the working part of the invoice.
#4 – Details of the Company (Seller)
The company that is at the selling front must necessarily offer its details in the invoice as and wherever asked. The top left-hand side of the invoice must contain the details of the supplier, such as the company’s name, full address along with postal code and country, email id, fax, and a reference number.
#5 – Debtors’ Details
The name of the debtor that needs to be tracked in the invoice must be mentioned below the suppliers’ details. Apart from the name, his contact number and address must also be provided in the tracking invoice. These details are required to be mentioned on the left-hand side just below the details of the supplier company.
#6 – Calculation Segment
The calculation segment can be divided into various subheads. These divisions are provided and discussed below:
#7 – Date
The date for each transaction must be provided in the invoice. It will ease out the following calculation process in evaluating the age of the debtors.
#8 – Invoice Number
The invoice number should be provided right after the date. It will ensure that the transactions that are entered are arranged serially and not randomly.
#9 – Customers’ Name
- The debtors or customer’s names must be mentioned right next to the date. The name of the customers is critical to mention because this is not an invoice being made for individual clients. This sort of invoice is created after incorporating details of all the transactions undertaken by a company with different types of customers.
- All the customers who transacted with the company for the period of the invoice being prepared must be duly entered. It makes the process of tracking the payment status of the customers easy for companies and also enables them to deal with their customers according to their payment pattern.
- For example, if a debtor delays his payments, then the company will choose not to issue further goods to him on credit and would ensure there are adequate follow-up processes while a debtor who pays on time will always be upheld and valued by the company.
#10 – Other Details
The company must also provide due dates for each transaction along with the payment that is due and received from a client; and accordingly calculates their aging summary, outstanding balance, and, based on all this, evaluates his or her status.
How to Use This Invoice Tracking Template
Following are the steps that have to be followed to use the invoicing tracking template:
- A person using a template has to enter all the details as required in the fields that are not already pre-filled.
- The user must start with naming the invoice so that the purpose of this invoice can be learned.
- The user must mention his company’s details like name, office address, contact number, email id, and fax.
- The user must also provide the date of the invoice in the template.
- The user must mention the name, address, and contact number of the customer or the client who’s aging status and summary he is willing to learn.
- The user must move on to the next segment and fill in the details for each transaction like serial number, date of transaction, client for that transaction, the due date of payment, the amount due as well as the amount received against that transaction.
- Once all these inputs are provided, the user must calculate the aging summary and evaluate the outstanding amount for that client with respect to his transactions and mention his payment status accordingly.
This article has been a guide to Invoice Tracking Template. Here we provide a free invoice tracking table that can be used to monitor the company’s payment status, auto-billing, and invoice schedule. Also, you can download and use this template in CSV, Google Sheets, or in the ODS format.
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