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Payables & Receivables

Where Sidebar › Accounting › Payables & Receivables

Who owes the client, who the client owes, and how old each of those balances is — the question every business asks its auditor, answered from the books rather than from a trip to Tally.

SCREENSHOT · the receivables view with its ageing buckets across the top and party balances listed beneath

Reading the position

  1. Switch between Receivables — open customer invoices — and Payables — open vendor bills and expenses.
  2. Read Total Receivable and Total Payable for each side, and Net Position for the two set against each other.
How receivables are built
By grouping sales back to invoice level. Credit notes reduce a balance, debit notes add to it, and cancelled invoices are left out entirely.

Read the ageing

Every open balance is bucketed by how long it has been outstanding, from Current through to more than 90 days overdue.

  1. Scan the buckets to see where the money is stuck rather than just how much there is.
  2. Ageing is measured from the document date against today, so it moves on its own without anything being recalculated.
  3. Click a party to see the individual documents making up their balance — the way to answer "what exactly is this ₹4 lakh made of" before chasing anyone.
The right-hand buckets are the ones to act on
A large Current balance is normal trading. A large 90-plus balance is a collection problem.

Record a payment or receipt

  1. Open the party, choose the document being settled, and record the amount — in full or in part.
  2. Set the date and the mode, and add a reference — a UTR, a cheque number or a note.
  3. Save. The balance and its ageing update immediately.
Read the over-payment warning
Quillix warns you when an amount exceeds what is outstanding, because that is usually a typo rather than a genuine over-payment. Read it before overriding it.

Undo a settlement

  1. Find the recorded payment and reverse it, or use Reverse all to clear every settlement on that document.
  2. Confirm when asked — the deletion removes the payment record itself.
The safe way to fix a misapplied receipt
Reversing puts the balance back exactly as it was. That is better than editing amounts to compensate, which leaves two wrong numbers that happen to cancel.

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