Acumatica ERP – Making a Prepayment

Posted on: August 23, 2017 | By: Jim Bertler | Acumatica

Authored by: Brent Stabiner

 

After creating a prepayment request, it is time to convert it to an actual prepayment. In this step, you will pay $200 to the AdvertisingCo vendor by using the prepayment request. Proceed as follows:

 

1. On the Bills and Adjustments form (AP301000; Finance – Accounts Payable – Work Area – Enter), open the $200 prepayment request that has already been created.

 

 

 

2.  To make a payment based on the request, select Actions – Pay Bill/Apply Adjustment on the form toolbar. The Checks and Payments form (AP302000) opens so you can make a payment. The system fills appropriate elements of the payment with the information from the prepayment request. The prepayment request was automatically added to the Documents to Apply tab

 

 

3.  Set the Application Date to 3/6/2014 and clear the Hold check box so that you can release the payment. (The CASH payment method doesn't require payment processing, so you can directly release the payment after it is created.

4.  In the Payment Ref. box, type 03062014Prep.

 

 

5. On the form toolbar, click Release to release the payment.

 

 

6. Click the number of the generated batch on the Financial Details tab to open the batch for review. On release of the payment, the system updates the prepayment balance of the vendor and generates a document of the Prepayment type. The balance of the AP account of the vendor does not change. The system generates a batch that credits the cash account specified in the payment and debits the prepayment account specified in the prepayment request for the prepayment amount. The payment is closed after you release it, while the prepayment remains open and now can be applied to bills or credit adjustments.

 

 

For further inquiries, contact Logan Consulting, for your free consultation now! Logan Consulting is a Gold Certified Partner offering services in Illinois, Indiana, Wisconsin, and throughout the United States.

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