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ReportCould someone please explain to me how exactly this works and what sorts of things it is useful for?
Thank you
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Could someone please explain to me how exactly this works and what sorts of things it is useful for?
Thank you
*This post is locked for comments
Krausero,
You can record this pre-payment and have the vendor show a credit balance until the actual invoice is received. If you are using PO's you can reference a PO# on the pre-payment to help identify a specific pre-payment when you apply it to an voucher later.
I think in your specific case, since the $ has already been debited, there is no need to print a paper check. You can create a pre-payment document using Quick Voucher/ Prepayment, then use Manual Check Entry to create the Hand Check or Electronic Payment record. Reference the pre-payment in the grid's reference number in Manual Check Entry. (This is how we handle wire payments at my site)
Then you can apply that pre-payment to a voucher once it is created. You can apply it directly in Voucher and Adjustment Entry (this step releases the voucher, and applies the pre-payment in one step) or in Pre-Payment application.
This is a link to a post I created about this topic last month.
They have already taken our payment out of the bank. We would like to enter this prepayment as voucher so that we can track the payment history. We have previously just entered this payment as a journal entry but this does not allow us to view a full history.
The concept of a prepayment is that you are paying your vendor before services are started and before receiving an invoice or voucher. My question to you is, why are you trying to enter a prepayment as a voucher? What do you mean that you have already taken out a prepayment out of the bank? The two concepts are different and therefore treated differently in the system.
You will need a voucher or an invoice to link to the prepayment on receiving the invoice/voucher from the vendor. but
The quick voucher and pre-payment screen is primarily used to create vouchers and pre-payments and print checks all at the same time.
On putting in a voucher or a prepayment the system allows you to print a check on changing the "handling" to release now.
Hope it answers your question.
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