Advanced Prepayments

Advanced Prepayments

$1,200.00
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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

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