Prepayments are used to record payments made to suppliers where an invoice will be supplied in the future.
Accounts Payable | Payments | Enter/amend Prepayments
- Enter Batch date and Period
- Select Add
- Supplier ID: Select Supplier
- Document #: Enter a document number, if using the invoice number, prefix with PP to make the number unique
- Dated: Payment Date
- Amount: Payment amount in AUD.
- NOTE: If payment is for a import supplier and payment is made in foreign currency, enter this amount in Foreign Amt and enter conversion factor at time of payment
- Select Bank account (if not the default)
- Reason: Enter reason for prepayment, for example: Prepay Inv#123456
You can continue to add multiple payments, once finished select Process Now. Click Yes to indicate you have finished the prepayment batch, view the journal & print if required and click OK to post.
The supplier prepayment appears in RED in the Accounts Payable enquiry screen and effectively sits as a credit note. When the invoice is received you can then enter the invoice as normal and use transaction matching to apply the prepayment to the invoice.
