Excel template for customer payment tracking

Excel template for customer payment tracking

This article provides details of Excel template for customer payment tracking that you can download now.

The management of customer payments and the processing of outstanding payments has a direct impact on the company’s cash flow level, and therefore on its durability.

The procedures put in place to manage late payments or unpaid invoices must be clear and effective: reminders must be made without delay and the actions must be recorded in a file.

Microsoft Excel software under a Windows environment is required to use this template

These Excel templates for customer payment tracking work on all versions of Excel since 2007.

Examples of a ready-to-use spreadsheet: Download this table in Excel (.xls) format, and complete it with your specific information.

To be able to use these models correctly, you must first activate the macros at startup.

The file to download presents six Excel templates for customer payment tracking

These Excel reminder tracking tables will allow you to enter outstanding invoices, as well as the different events and actions performed.

Automatic formulas are used to display the amount remaining due (in case of installment payments), the due dates, the number of days of late payment, or the actions to be performed.

Why is it so hard to track customer payments?

If you’re using paper, the act of tracing payments is immensely complicated. You mail the invoice and wait for the customer to receive it. They review it and cut a check (which can take weeks or longer), then mail it back to you. If they don’t note what invoice the check applies to, you must hunt through customer information to associate the right payment with the correct account and invoice number.

Then, you must manually note in your accounting software that payment was applied, make a bank run, deposit the check and wait for it to clear. This process can take weeks or even months to complete. And it can bleed over into other payment cycles, making it hard to determine how much has been paid and what’s due over time.

The same complications can extend to electronic payments. If you aren’t using an accounts receivable solution, you may receive invoice payments through the company’s bank or payment portals. Then, you must ensure the payment is applied to the proper invoice and noted in your accounting software.

Make it easier to track customer payments.

Take these two steps to monitor customer payments efficiently:

  1. Ditch the paper and move everything online, including invoices and payments.
  2. Adopt a solution that provides essential features to streamline and automate the AR process.

Goodbye, paper invoices and payments.

Online invoicing and payments provide unprecedented transparency into the payments process—much more so than paper. Sure, it can save you resources, time and money (less paper and postage, less time to print invoices, less time  waiting, etc.), but more importantly it provides a higher level of transparency into the status of customer payments.