Payment Tracking

Payment Recording #

Recording and Tracking Invoice Payments #

Corcava provides comprehensive payment recording and tracking capabilities:

Payment Recording Process:

1. Payment Entry: Record payments against specific invoices with amount and date 2. Currency Handling: Automatic currency conversion for multi-currency payments 3. Balance Updates: Automatic update of paid amounts and outstanding balances 4. Status Management: Automatic invoice status updates based on payment amounts 5. Transaction Safety: Database transactions ensure payment recording integrity

Payment Recording Features:

• Manual Payment Entry: Record payments manually through the invoice interface
• Automatic Payment Processing: Automatic payment recording through payment gateways
• Multi-Currency Support: Payment recording with automatic currency conversion
• Partial Payment Support: Support for partial payments with outstanding balance tracking
• Payment Validation: Validation of payment amounts and invoice status requirements

Payment Data Management:

• Payment Date Tracking: Record specific payment dates for accurate tracking
• Payment Notes: Optional notes for payment details and reference information
• Exchange Rate Recording: Automatic recording of exchange rates for currency conversions
• Base Currency Conversion: Automatic conversion to team base currency for reporting
• Payment Method Tracking: Track payment methods and processor information

Payment Entry Requirements #

Payment entry follows specific business rules and validation:

Payment Entry Validation:

• Invoice Status Requirements: Payments can only be recorded for invoices with “Sent” status
• Amount Validation: Payment amounts must be positive and within reasonable limits
• Currency Validation: Payment currency validation and conversion requirements
• Date Validation: Payment dates must be valid and within acceptable ranges
• Authorization Checks: User authorization required for payment recording

Payment Processing Rules:

• Status Restrictions: Only sent invoices can receive payment recordings
• Transaction Integrity: All payment recordings use database transactions
• Error Handling: Comprehensive error handling with automatic rollback on failures
• Validation Checks: Multiple validation checks before payment processing
• Business Logic: Payment recording follows established business logic rules

Payment Status Management #

Tracking Paid, Outstanding, and Partial Payment Amounts #

Payment status is managed through sophisticated tracking systems:

Payment Amount Tracking:

• Paid Amount: Cumulative tracking of all payments received for each invoice
• Outstanding Amount: Automatic calculation of remaining balance due
• Base Currency Amounts: Tracking of amounts in both invoice currency and base currency
• Payment Totals: Real-time calculation of payment totals and balances
• Currency Conversion: Automatic conversion between currencies for accurate tracking

Payment Status Updates:

• Automatic Status Changes: Invoice status automatically updated based on payment amounts
• Full Payment Detection: Automatic detection when invoices are fully paid
• Partial Payment Tracking: Tracking of partial payments with remaining balances
• Status Validation: Validation of status changes based on payment amounts
• Event Dispatching: Automatic event dispatching when invoices are fully paid

Balance Management:

• Outstanding Balance Calculation: Automatic calculation of outstanding balances
• Real-Time Updates: Real-time updates of payment amounts and balances
• Currency Consistency: Consistent currency handling across all payment tracking
• Balance Validation: Validation of balance calculations and updates
• Historical Accuracy: Maintenance of historical payment and balance accuracy

Invoice Status Integration #

Payment tracking integrates seamlessly with invoice status management:

Status Transition Logic:

• Payment-Based Status Changes: Invoice status automatically updated based on payments
• Full Payment Status: Invoices automatically marked as “Closed” when fully paid
• Partial Payment Status: Invoices remain “Sent” status with partial payments
• Status Validation: Validation of status changes based on payment amounts
• Business Rule Enforcement: Status changes follow established business rules

Automated Status Management:

• Event-Driven Updates: Status updates triggered by payment recording events
• Automatic Processing: Automatic status processing without manual intervention
• Validation Checks: Multiple validation checks before status changes
• Error Prevention: Prevention of invalid status changes through validation
• Audit Trail: Complete audit trail of status changes and payment events

Multiple Payment Methods #

Supporting Various Payment Methods and Processors #

Corcava supports multiple payment methods and processors for flexibility:

Payment Processor Integration:

• Stripe Integration: Full Stripe payment processing integration
• PassimPay Integration: Cryptocurrency payment processing through PassimPay
• Payment Method Management: Management of multiple payment methods per user
• Gateway Configuration: Flexible payment gateway configuration and management
• Webhook Integration: Webhook integration for automatic payment status updates

Stripe Payment Processing:

• Credit Card Processing: Full credit card payment processing through Stripe
• Customer Management: Automatic Stripe customer creation and management
• Payment Method Storage: Secure storage and management of payment methods
• Default Payment Methods: Support for default payment method selection
• Invoice Generation: Automatic Stripe invoice generation for payments

Cryptocurrency Payment Support:

• PassimPay Integration: Cryptocurrency payment processing through PassimPay
• Multiple Cryptocurrencies: Support for Bitcoin, Ethereum, Litecoin, Ripple, and USDT
• Crypto Payment Configuration: Configurable cryptocurrency payment options
• Blockchain Integration: Secure blockchain-based payment processing
• Crypto Payment Tracking: Specialized tracking for cryptocurrency payments

Payment Gateway Features #

Payment gateways provide comprehensive payment processing capabilities:

Stripe Payment Features:

• Secure Payment Processing: PCI-compliant secure payment processing
• Multiple Payment Methods: Support for various credit cards and payment methods
• Recurring Payment Support: Support for recurring and subscription payments
• Payment Intent Management: Advanced payment intent management and processing
• Real-Time Processing: Real-time payment processing and status updates

PassimPay Cryptocurrency Features:

• Multi-Currency Support: Support for major cryptocurrencies
• Blockchain Security: Secure blockchain-based payment processing
• Real-Time Confirmation: Real-time payment confirmation and tracking
• Crypto-Specific Features: Features tailored for cryptocurrency payments
• Exchange Rate Integration: Real-time cryptocurrency exchange rate integration

Webhook Integration:

• Automatic Status Updates: Automatic payment status updates through webhooks
• Real-Time Processing: Real-time payment processing and confirmation
• Error Handling: Comprehensive error handling for webhook processing
• Security Validation: Secure webhook validation and processing
• Event Processing: Automatic processing of payment events and status changes

Payment History #

Complete Payment History and Transaction Records #

Payment history provides comprehensive transaction tracking:

Payment Transaction Records:

• Complete Payment History: Full history of all payments for each invoice
• Transaction Details: Detailed transaction information including amounts and dates
• Payment Method Tracking: Tracking of payment methods used for each transaction
• Currency Information: Complete currency information for each payment
• Exchange Rate History: Historical exchange rates for currency conversions

Payment History Features:

• Chronological Tracking: Chronological tracking of all payment transactions
• Payment Relationship Management: Proper relationships between invoices and payments
• Multi-Payment Support: Support for multiple payments per invoice
• Payment Aggregation: Automatic aggregation of payment amounts and totals
• Historical Accuracy: Maintenance of historical payment accuracy and integrity

Transaction Management:

• Payment Date Recording: Accurate recording of payment dates and timestamps
• Payment Notes Management: Optional notes and reference information for payments
• Payment Validation: Validation of payment transactions and amounts
• Transaction Integrity: Database transaction integrity for all payment operations
• Audit Trail: Complete audit trail of all payment transactions

Payment Analytics and Reporting #

Payment analytics provide insights into payment patterns and performance:

Payment Performance Tracking:

• Payment Timing Analysis: Analysis of payment timing and patterns
• Payment Method Performance: Performance analysis of different payment methods
• Currency Analysis: Analysis of payments across different currencies
• Client Payment Patterns: Analysis of payment patterns by client
• Team Payment Performance: Team-level payment performance analysis

Payment Reporting Features:

• Payment Summary Reports: Summary reports of payment activity and performance
• Outstanding Balance Reports: Reports on outstanding balances and overdue amounts
• Payment Method Reports: Reports on payment method usage and performance
• Currency Payment Reports: Reports on payments across different currencies
• Historical Payment Analysis: Historical analysis of payment trends and patterns

Outstanding Balance Tracking #

Monitoring Unpaid Invoices and Overdue Amounts #

Outstanding balance tracking provides comprehensive monitoring of unpaid amounts:

Outstanding Balance Management:

• Real-Time Balance Tracking: Real-time tracking of outstanding balances for all invoices
• Automatic Balance Updates: Automatic updates of outstanding balances with each payment
• Multi-Currency Balance Tracking: Outstanding balance tracking across multiple currencies
• Base Currency Conversion: Conversion of outstanding balances to base currency for reporting
• Balance Validation: Continuous validation of outstanding balance calculations

Overdue Invoice Monitoring:

• Due Date Tracking: Tracking of invoice due dates for overdue identification
• Overdue Amount Calculation: Automatic calculation of overdue amounts and aging
• Overdue Invoice Reports: Reports on overdue invoices and outstanding amounts
• Client Overdue Analysis: Analysis of overdue amounts by client
• Aging Analysis: Aging analysis of outstanding balances and overdue amounts

Balance Reporting:

• Outstanding Balance Summaries: Summary reports of outstanding balances by client and team
• Currency-Specific Balances: Outstanding balance reports by currency
• Aging Reports: Aging reports showing outstanding balances by time periods
• Client Balance Reports: Client-specific outstanding balance reports
• Team Balance Analytics: Team-level outstanding balance analytics and insights

Balance Management Tools #

Balance management tools provide control over outstanding amounts:

Balance Monitoring:

• Dashboard Balance Widgets: Dashboard widgets showing outstanding balance summaries
• Real-Time Balance Updates: Real-time updates of balance information
• Balance Alerts: Automated alerts for overdue balances and payment issues
• Balance Validation: Continuous validation of balance calculations and accuracy
• Balance Reconciliation: Tools for balance reconciliation and verification

Outstanding Balance Features:

• Automatic Balance Calculation: Automatic calculation of outstanding balances
• Currency Conversion: Automatic currency conversion for balance reporting
• Balance History: Historical tracking of balance changes over time
• Balance Accuracy: Maintenance of balance accuracy through validation and checks
• Balance Integration: Integration of balance tracking with financial reporting