2.5. Partial Payments
Partial Payments are for when you want to apply a partial payment to a transaction. A classic example of a Partial Payment is when a Tenant only pays a portion of their rent, say $200 of a $1000 rent. In this case the $200 is considered a Partial Payment. You can apply as many Partial Payments to a transaction as you want.
Partial Payments can be applied in both the main Accounting Entries and Suggested Accounting Entries sections of the software.
In the main Accounting Entries section of the software the menu can be found on both the Accounting Entries table as well as the individual Accounting Entries views. The same is true for the Suggested Accounting Entries section of the software. The screenshot above shows the Partial Payment menu option for the main Accounting Entries table view.
To apply a Partial Payment in the main Accounting Entries table you first need to select the Accounting Entry. Once selected you then click on the Partial Payment menu option to apply the Partial Payment.
** NOTE: Please note that the software can only apply a Partial Payment to an Accounting Entry that is not yet paid. That is to say an Accounting Entry where the Date Paid and Amount Paid are empty.
Since this is a Partial Payment the software only shows you the fields that should be applicable to the Partial Payment. So for example the Tenant field is now displayed because it should be the same for the Partial Payment. If you need to edit the Tenant or other such fields then it's really not a Partial Payment any more and you would be better off editing the Accounting Entry, or creating a new one, rather than applying a Partial Payment.
** NOTE: You don't need to worry about editing the Amount Due as the software will automatically make all the appropriate calculations and adjust the Amount Due value when you click on the Save button. It's more to let you know what the total amount due is.
After you click on the Save button you will find that the Accounting Entry has been split into two Accounting Entries. The existing entry is edited to show the new outstanding balance (Amount Due) and a new one is created for the Partial Payment.
So for example if we have a rental Accounting Entry of $1000 and the Tenant pays $200 then after applying the Partial Payment we'll have two Accounting Entries. One will be for the $200 payment and the other will be for the balance due of $800 as shown above.
When it comes to Suggested Accounting Entries it's a little different in that instead of two Accounting Entries the software will instead edit the existing Suggested Accounting Entry and create a new Accounting Entry. In other words if you applied the $200 payment to a Suggested Accounting Entry you would then have the same Accounting Entry for the $200 Partial Payment but the other $800 outstanding portion would be adjusted in the existing Suggested Accounting Entry.
** TIP: You can apply as many Partial Payments as you like, there are no limits. Therefore if a Tenant pays that $1000 rent payment in $100 installments you can do that by just clicking on the Partial Payment option each time they give you a $100 payment.