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Prepayment

  • 1.  Prepayment

    SILVER CONTRIBUTOR
    Posted Dec 05, 2019 02:27 PM
    Hi All,

    I noticed you can make a prepayment as a %, but can you simply just make a prepayment as $?

    Let's say we want to cut a check to our vendor for $100,000​ as a prepayment.  Also, we get 5% credit on top of the prepayment for future orders.  So, essentially it would be $105,000 prepaid.  How can that be managed?

    Bradley

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    Bradley Schacht
    Clesen Wholesale
    Evanston IL
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    Conference-BCNAVUG_200x200


  • 2.  RE: Prepayment

    GOLD CONTRIBUTOR
    Posted Dec 06, 2019 07:27 AM
    Good Morning,
    Yes you can put a $ figure into the amount of prepayments. Just skip over the % and put the amount in that you want to prepay. You have re-open the PO and then go to actions and in the posting section there is a prepayment drop down. I also go to prepayment test reports and hit preview and it will let you know if there is any warnings that you are unaware of and if there is no warnings it will give you the $ figure you are posting. Then in the same drop down is all is correct you can post the prepayment.

    Hope this helps

    Have a good day

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    Laurie Gooch
    Accounting Coordinator
    Creative Food Ingredients
    Perry NY
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    Conference-BCNAVUG_200x200


  • 3.  RE: Prepayment

    SILVER CONTRIBUTOR
    Posted Dec 06, 2019 01:32 PM
    Got it.  Thanks for your response Laurie

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    Bradley Schacht
    Clesen Wholesale
    Evanston IL
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    Conference-BCNAVUG_200x200


  • 4.  RE: Prepayment

    TOP CONTRIBUTOR
    Posted Dec 06, 2019 09:01 AM
    Hey Bradley

    We enter a payment journal against the vendor for the $100K prepayent and this shows up as a balance on the vendor account

    When you enter the other PO's, you can enter a prepayment details in the prepayment fasttab, You can then create a prepayment report, post a prepayment invoice, etc. (see the posting group on the action tab in the ribbon)

    Regards

    mark

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    Mark Anderson
    Director of ERP Systems
    Clesen Wholesale
    Evanston, IL
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    Conference-BCNAVUG_200x200


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