Rocketlane streamlines invoice management by allowing you to take specific actions depending on the invoice's current status. Here's a breakdown of what you can do at each stage:
Draft Mode
In the draft stage, you can:
Edit Invoice: Make changes to the invoice details.
Email Invoice: Send the invoice to the intended recipient via email.
Void: Cancel the invoice, marking it as invalid.
Delete: Permanently remove the invoice from the system.
Additionally, you can add comments or extra information and submit the invoice for review.
Review Mode
When an invoice is under review, the following actions are available:
Edit Invoice: Update invoice details.
Email Invoice: Share the invoice via email.
Void: Cancel the invoice, marking it invalid.
Move Back to Draft: Revert the invoice to the draft state for further revisions.
During this stage, you can also add comments, additional details, and request approvals or approval chains before finalizing the invoice.
Approved
Once an invoice is approved, you can:
Edit Invoice: Adjust details even after approval.
Email Invoice: Send the invoice via email.
Void: Invalidate the invoice.
Move to Review: Revert the invoice to the review stage for additional checks or edits.
Write Off: Mark uncollectable amounts as written off.
In this phase, you can also add comments, include supplementary information, and record payments for better tracking.
How to Write Off Records?
Writing off records involves marking an outstanding invoice amount as uncollectable. This action updates your financial records to reflect that the amount will no longer be pursued for payment.
In Rocketlane, you can write off an invoice while it's in the review mode or after it has been approved. Follow these steps to write off an invoice:
Navigate to the Invoices section and select the invoice you want to write off.
Click on More Actions and choose Write Off from the dropdown menu.
Enter the following details:
Date: Specify the date of the write-off.
Amount: Enter the amount to be written off.
Notes: Provide a reason or context for why the invoice is being written off.
Save your changes, and the write-off will be recorded.
How to Record Payments?
Recording payments involves logging the details of a payment received against an invoice. This includes specifying the payment amount, method, and date to update the invoice status as paid or partially paid.
In Rocketlane, you can record payment against an invoice after it has been approved. Follow these steps to record payment
Navigate to the Invoices section and select the invoice you want to write off.
Click the Record payment button
Enter the following details:
Date: Specify the date of the write-off.
Amount: Enter the amount to be written off.
Notes: Provide a reason or context for why the invoice is being written off.
Save your changes, and the payment will be recorded.
How to Void an Invoice?
Voiding an invoice means canceling it and marking it as invalid. A voided invoice remains in the system for reference but is excluded from financial calculations. You can void an invoice at any point.
How to Delete an Invoice?
Deleting an invoice permanently removes it from the system. This action erases all records of the invoice, making it irretrievable. You can delete the invoice only in the draft mode.