Vendor Prepay

When paying for specific product, it is important to follow the instructions below through the entire process. A good report to help track Prepay versus regular activity of a vendor is the Vendor Detail report found in the Accounting Reports module...

If necessary, change the transfer amount to be refunded or credited to the vendor account and choose the appropriate option: Transfer Balance to Regular or Refund Check Issued . If one or more Purchase Orders appear in the grid in the lower l...

When a sum of money is prepaid to a vendor for unspecified product, the credit balance is established using the Quick Check function. At G/L / Quick Check , select the correct vendor and mark the Use Prepay checkbox. This debits the Accounts Pa...

Sometimes a partial payment is paid to a vendor to lock in a specific price for product that will be purchased at a later date. An example of this might be prepaying $0.05 per gallon for Propane to the vendor which locks in an actual product cost of...

Sometimes an agreement is made with a vendor for a specific amount of Prepay. This amount will be paid with an initial down payment and the remainder to be paid in installments over a specified period of time. Add a prepaid Purchase Order for the ...

This utility was designed to simplify the process of transferring vendor Prepay to the Regular account or receiving a refund Prepay check from the vendor. For more information on these options, see Transfer Vendor Prepay Options . The Transfer Ven...

This method is divided into two procedures, and the approach used will depend on whether or not the total value will ever be fully paid or if it is considered a down payment and will not be fully paid. Procedure 1 (partial payment is only payment) ...

Current and prior year vendor prepay balances can be corrected in prior and current datasets as long as the current year dataset is still in fiscal month 1. Log into the current year and add a prepay A/P bill for the vendor whose balance is wrong. ...

If the prepay Purchase Order was created and paid in the prior year and it is preferred to recognize the loss in the prior year, set up a new general ledger account in the current year and the prior year called Recognized Inventory Value Loss of Pr...

Use a Purchase Invoice that identifies the product being purchased and has two additional line items that use up the prepay dollars and reduce the amount that is due on the A/P bill. On the Purchase Invoice: Select the product to be purchased. S...