Introduction to the Invoice Life Cycle in Wise-Pay
Before you actively start using Wise-Pay to take payments for the invoices issued to payers, it is important to understand the invoice life cycle in Wise-Pay.
An invoice may be displayed in one or more pods of the Wise-Pay dashboard. When an invoice is synced from ConnectWise, it appears as an Outstanding Invoice in Wise-Pay. The invoice can also appear in the Scheduled Payments pod if the invoices satisfies automatic payment conditions. For more information on Wise-Pay dashboard, see Understanding Wise-Pay Dashboard.
An invoice record moves from one to the other pod of the Wise-Pay dashboard based on the actions selected by the user. The following diagram describes the flow of invoices between the pods of Wise-Pay dashboard.
Outstanding Payments Pod
All invoices with total outstanding more than $0 would appear in this pod. This also includes the invoices that have been automatically scheduled using the automatic payments feature. As long as the full payment for the invoice is not paid and the underlying accounts are not settled in the accounting system, the invoices would stay in this pod. The following are the flows of invoices from and to this pod:
- When you pay the full amount (Actions > Pay Now) for the invoice and the payment settles successfully, the invoice moves to the Past Payments pod
- When you schedule an invoice for payment (Actions > Schedule), the invoice is displayed in the Scheduled Payments At the same time, the invoice stays in the Outstanding Payments pod until the full payment is made and the accounts are settled. Additional information about the schedule and payments is displayed as tool tips.
When a part payment is made for the invoice (either through Pay Now or Schedule), the outstanding invoice is adjusted for the invoice.
Scheduled Payment Pod
This pod displays the invoices that have been scheduled for making payments. It can happen because of a manual schedule (Actions > Schedule) from the Outstanding Invoices pod or through automatic payments. The invoice record stays in this pod until the transaction is processed based on the schedule or the user cancels the scheduled payment (Actions > Cancel Payment). The following are the flows of invoices from and to this pod:
- When the payment for the scheduled invoice is made successfully and the accounts are settled, the payment transaction moves to the Past Payments pod.
- When the payment for the scheduled invoice fails, the transaction is removed from this pod.
- When you cancel a scheduled invoice (Action > Cancel Payment), the invoice disappears from this pod but stays in the Outstanding Payments pod.
This pod displays invoices for which payments have been made. This pod only displays successful payment transactions. There is no flow moving out of this pod.
This pod displays all invoices for which the payment was attempted through automatic payments feature. An automatic payment transactions is also:
- Displayed in the Outstanding Payments pod until the payment is outstanding
- Displayed in the Scheduled Payments pod when it is scheduled for automatic payment.
To understand more about payment options in Wise-Pay, see How To Get Payment for an Issued Invoice.