Creating a Statement in TapGoods
In TapGoods, Companies can be given a Credit Limit, which is used for Payment and functions as a line of Credit. Orders paid for under a Credit Term must be paid within the Payment Terms set by the business owner for the Company.
What is a Statement?
A statement is a snapshot of everything a customer owes you at that moment across one or more orders that have been paid for using Credit Terms.
A statement is not a single invoice. The same orders can appear on multiple statements over time if the balance has not been fully paid. When a payment is applied to a statement, any other statements that include the same orders will automatically update to reflect that payment.
Where Are Statements Located in TapGoods?
You can find statements in one of two places in TapGoods PRO:
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On the Statements page, located under Admin on the TapGoods menu.
- Under the Statements tab on the Accounts Receivable profile of an AR-Toggled Company.
On these pages, you can quickly view the information associated with each Statement by reviewing these columns:
- Statement: The unique statement number assigned to the customer’s billing statement.
- Company Name: The company account the statement belongs to.
- Total: The total dollar amount originally billed on the statement before any payments are applied.
- Paid: The amount that has been paid directly toward this statement
- Paid on other Statements: Payments applied on other statements that also reduce the balance on this statement. This happens when multiple statements reference the same orders, and payments are applied chronologically.
- Balance Due: The remaining amount still owed on the statement after all payments have been applied.
- Last Payment: The date the most recent payment was applied to this statement.
- Aging: How long the balance has been outstanding based on the due date.
How to Create a Statement
When you seek Payment for a Credit Term, you will send the Statement Contact for the Company a Statement outlining Payment that is due. Statements created in TapGoods PRO outline the billable amount owed to your business for Orders paid for with Credit Terms.
In order to create a Statement to send to the Contact for Statements, follow the steps listed below.
- Hover over Admin on the TapGoods PRO dashboard.
- Scroll down to Payment Terms.
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Click on Accounts Receivable.
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In Accounts Receivable, click on the Company.
- Under Accounts Receivables, check the boxes next to Orders you want to appear on the Statement.
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Click Create Statement from ARs.
Once a Statement has been created, click on the Statements tab. Here, you will be able to view all Statements created for this Company.