Invoice and Payment Tracker

Phase: Monitoring and controlling | Audience: Internal | Project: WEB-2026-01 Corporate Website Development

Understand it first

In simple words: The Invoice and Payment Tracker records every invoice raised to the client, when it is due and whether it has been paid.

Think of it like: A landlord's rent register: which month's rent is billed, due and received.

When is it created?	Updated at every milestone and payment
Who prepares it?	Project Manager with finance
Who approves or uses it?	Internal
What happens next?	Follow up on overdue payments

How it connects to other documents

Milestones come from the Commercial Proposal and SOW.
Triggered by sign-off forms.
Explains the gap in the Cash Flow Analysis.

The sample document

Below is the actual document for project WEB-2026-01. Read the purpose first, then go through each numbered section.

Issued by: [Your Company] Technologies Pvt. Ltd.

Purpose: Milestone invoices raised, due and received, including approved change requests.

Item	Detail
Document no.	WEB-2026-01/INV
Version	1.0
Date	30 Oct 2026
Owner	Project Manager
Audience	Internal
Phase	Monitoring and controlling

1. Invoices (amounts in ₹)

Milestone	Invoice no.	Date	Amount	GST	Total	Due	Received	Status
M1 Advance 30% + third-party	INV-2026-101	1 Oct	2,08,350	37,503	2,45,853	16 Oct	3 Oct	Paid
M2 Design approval 30%	INV-2026-118	30 Oct	1,66,350	29,943	1,96,293	14 Nov		Due
M3 UAT sign-off 30%		4 Dec	1,66,350	29,943	1,96,293	19 Dec		Planned
CR-001 Careers page		4 Dec	12,000	2,160	14,160	19 Dec		Planned
M4 Go-live 10%		11 Dec	55,450	9,981	65,431	26 Dec		Planned
Total			6,08,500	1,09,530	7,18,030

2. Summary (excluding GST, ₹)

Item	Amount
Contract value	5,96,500
Approved change requests	12,000
Total billable	6,08,500
Billed to date	3,74,700
Received to date	2,08,350
Outstanding (billed, not received)	1,66,350
Not yet billed	2,33,800

Note: The dashboard cash-flow view assumed M2 would be received in month 1. With M2 due on 14 Nov, the month 2 cash gap is wider than planned until it is paid. Follow up with client finance on 10 Nov.

WEB-2026-01/INV · v1.0 · Internal. Bracketed items such as [Client Name] are placeholders.

Key takeaways

Invoice on the same day as the sign-off.
Include approved change requests as billable.
Track billed, received, outstanding and unbilled separately.

Common mistakes to avoid

Forgetting to bill approved changes.
Not following up before the due date.
Mixing amounts with and without GST.

Next lesson: 33. UAT Test Cases