Payments and Receivables

GST Zen makes it very simple for you to keep track of your sales and receivables. From a sales invoice, the customer’s receivables summary is one click away.

Let us now record a payment received against an Invoice. From the Invoice’s page, click on “New Payment” and record the details. In this case, the customer has paid us 90% of the Invoice value by check. This amount goes into our bank account. The customer has also deducted 10% as TDS. This amount goes into the TDS receivables ledger. As a side note, you can use GST Zen to reconcile TDS deductions very easily at the end of the year.

After recording these payments, we can see the updated receivables picture for our customer listing all Invoices issued to the Customer and all payments received from them.