Tracking Freelance Invoices and Payments: A Simple Record-Keeping Routine
A simple way to record invoices and payments, handle part payments, read aging buckets and see what is outstanding by client. Record-keeping information only.
Records are easier to read when each invoice and each payment has its own entry. This guide describes a simple record-keeping routine; it is not legal, tax or accounting advice.
Logging an invoice
One row per invoice: number, client, issue date, amount and payment terms. Some people number invoices in sequence. If an invoice is cancelled, marking it void instead of deleting it keeps the numbers in sequence.
Recording payments separately
Rather than overwriting an invoice's amount when someone pays part of it, keep a separate list of payments, each linked to an invoice number. A client who pays half now and half next month is then two entries, and you can see what has been received and when.
What "overdue" means in the spreadsheet
In the tracker, an invoice is overdue the day after its due date, and the due date is the issue date plus the terms entered for that invoice. The spreadsheet uses the terms you type, so they should match what appears on the invoice itself. Terms and late-fee rules depend on your contract and where you are.
Keeping notes
The Notes column can hold a short record of anything you sent or discussed and when, for example the date of a reminder.
Reading the aging buckets
The dashboard splits unpaid amounts into not yet due, 1-30 days overdue, 31-60 and 61+. This shows how old each unpaid amount is.
By-client totals
The by-client summary shows each client's invoiced, paid and outstanding amounts.
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Sold by Quietcog. Support: gb1@mail.grokbot.com. General information only, not professional advice.