Advanced Prepayments

Use Cases   Customer and Vendor Prepayments, Deposits, and Retainers Allows prepayments at a customer or vendor level. Treats prepayments as a pool of funds rather than having to individually assign prepayments to specific invoices and lines. For Sales, we book prepayments to AR and Deferred Revenue (Typically a Balance Sheet Liability Account) When paid will Debit Cash and Credit AR As prepayment retainer funds are utilized on future Sales Orders/Invoices, it will Debit Deferred Revenue and Credit Revenue, leaving the receivable amount on the invoice as $0 (assuming we had enough prepayment to fully cover the invoice) Have the ability to also skip using prepayment funds on orders/invoices if you want on a transaction by transaction basis Have the ability to use funds to pay the order/invoice partially For Purchasing, we book prepayments to AP and Prepaid Expenses (Typically a Balance Sheet Asset Account) When paid will Debit AP and Credit Cash As prepayment retainer funds are utilized on future Purchase Orders/Invoices, it will Debit Expense and Credit Prepaid Expense, leaving the payables amount on the invoice as $0 (assuming we had enough prepayment to fully cover the invoice) Have the ability to also skip using prepayment funds on orders/invoices if you want on a transaction by transactions basis Have the ability to use funds to pay the order/invoice partially     Sales and Purchase Order Prepayments - Enhanced Flexibility Allows prepayments at an order level or job level Does not lock down lines after the prepayment is invoiced or received Added flexibility allows users to work with prepayment invoices in a more efficient manner     Reporting Ability to generate prepayment balance lines on documents - shows them how much they have remaining when they receive the document Ability to view AR Dashboard for Customer Prepayments Ability to view AP Dashboard for Vendor Prepayments Indicator on Customer and Vendor Ledger Entries to Indicate Document is a Prepayment Document Indicator on Posted Sales and Purchase Invoices to Indicate Document is a Prepayment Document       Download Links Download from AppSource Access Setup and User Guide The AppSource download includes a 30-day evaluation license automatically installed at no charge. If you would prefer to download a PTE version of this extension, please reach out to support@erpconnectconsulting.com. Video - Product Demo Advanced Prepayments - Setup and Overview Advanced Prepayments - Toolbox Tuesday Episode 40   Advanced Prepayments - Toolbox Tuesday Episode 12   Advanced Prepayments - Toolbox Tuesday Episode 5   Product Screenshots   Setup and Overview       Customer Prepayments, Deposits, and Retainers        Sales Order/Invoice Prepayments       Accounts Receivable Dashboard       Excel Prepayment Summary Export