Payment tracking: how to record debts and payments in your business

What are accounts receivable?

These are amounts your customers still owe for sales or services. A customer's outstanding balance is calculated by adding their debts and subtracting recorded payments. Total receivables combines all customers' outstanding amounts.

For example, if you record a debt of $80,000 and later receive a payment of $30,000, $50,000 remains outstanding. Keeping both transactions lets you explain the balance and review the record if there is a discrepancy.

How to track debts and payments

1. Identify the customer. Use a recognizable name and avoid creating two records for the same person or business.
2. Record each debt. Enter the amount and a description to help you remember the sale or service. Keep the transaction date.
3. Record each payment received. Enter the amount in the correct customer's account and check that it matches the payment received.
4. Review the outstanding balance. Before contacting the customer, check their history and make sure all their payments are recorded.
5. Share a clear statement. Show debts, payments and the final balance so the customer can review the same transactions.

Partial payment tracking and collection follow-up

A partial payment reduces the debt but does not clear the full balance. Record each payment separately: this preserves the history and lets you check what remains without relying on memory of phone or message agreements.

Choose a time to review outstanding payments, such as the end of each day. Check new payments and accounts that still have balances. Transaction records provide information to organize payment follow-up and speak with each customer.

A payment tracking app to organize your accounts

A spreadsheet may be enough to start. When you frequently need to search customers, review transactions and share statements, a collections management app can bring these tasks together in one place.

Deudores for Windows lets you record debts and payments, review transaction history and check outstanding balances. You can also import Excel data and generate a PDF with your business name and logo to share the statement with your customer.

Deudores records payments received through your chosen method. You collect payment and send the statement through your messaging app. After first activation, the application works offline and stores data on your computer.

Keep a copy of your records

Debts and payments are part of your business information. Configure a backup folder and keep a backup separate from the computer. If you choose a synchronized folder, check that the service has finished synchronizing the files.