A payment tracking template is a versatile tool used by individuals and professional entities to keep track of money you need to pay or receive. This often happens when there is a necessary or other unavoidable gap in time between service rendered and payment. This is also needed when lending money to others and are tracking repayment in installations. Payment-tracking tools are also needed whenever there is a long cash flow process; perhaps there are a lot of processing steps and middlemen and paperwork involved.
The simple matter is that whenever you need to keep an eye on money you have not yet received, you will need a payment tracker. Here are some examples of how such trackers are set up in various industries. As references, you can download them for free.
Client Payment Tracking Template
Monthly Payment Tracking Template
Bill Payment Tracking Template
Rent Payment Tracking Template
Invoice Payment Tracking Template
Who Needs to Track Payments
Keeping track of a myriad of information is the routine game for hundreds of businesses, who have to take care of everything measurable and with a direct impact on their operations. This can take the form of everything from Sales Tracking to Order Tracking and, yes, payment tracking.
- Payment tracking for corporations and other service providers will be closely tied to order placement and sales tracking. This will often take the form of tracking invoices, which are issued to clients after a service is rendered or goods delivered but before any payment is made. (See Invoice Payment Tracking Template.)
- Financial establishments who lend out sums to people at an interest rate will naturally have to track the repayments based on the installment plan or agreement with the client. (See Loan Payment Tracking Template for a simple example.)
- Landlords who have a lot of tenants to keep track of will also need to have a tool to help them make sure no one is getting away scot-free from making the necessary payments on time. This is especially needed if your tenants have a habit of paying late. (See Rent Payment Tracking Template for a very accessible layout you can use.)
- It is not only the professionals who need to keep track of payments owed to them. It is good practice to keep track of your own money when you are the one who owes money to various establishments. Luckily, there seem to be apps have also been developed to help you keep track of your unpaid bills. (See Bill Payment Tracking Template.)
- In your daily life, it may also be beneficial to keep track of your every expenditure. This will help you to be penny wise and a pound wiser. (See Monthly Payment Tracking Template for a handy way to keep all your bills in one place. Also see Payment Plan Tracking to help you be more strategic about it.)
Free Payment Tracking Template
Loan Payment Tracking Template
Payment Plan Tracking
Daycare Payment Tracking Template
How to Use These Tracking Templates
Like Task Tracking, payment tracking is very specific to the situation at hand. Just because one company is using a certain payment tracker, doesn’t mean it will work for your company with equal success. You have to take your whole payment procedure into account, from the time a client makes a purchase or applies for a loan or even before then. The tracker you use has to fit in that process.
These free templates will provide you with options you can refer to when developing your own payment tracker.