I need help with applying prepayment invoices. We have a vendor that we recently changed terms with. Our old terms were 25% prepayment with the remaining balance 60 days from the BOL date. This was easy enough because by the time we entered the final invoice, we had received the product against the PO and the remaining balance invoice was entered as a regular invoice against the PO.
Our new terms, which I just found out about yesterday, are 25% prepayment, and the remaining 75% balance to be paid before the telex release. What that essentially means is that we are now "prepaying" the entire amount before anything is physically received.
Since I did not know about the new terms until after we had paid the prepayment, I did not change the prepayment % on the PO before applying the prepayment invoice. Now I can't change the prepayment % on the PO because it has already been posted against. How do I go about posting the invoice I have for the remaining 75% balance as a prepayment invoice to the PO?
