A vendor prepayment is a recorded payment towards a Vendor. Typically this module is used in the case where you prepay on a Purchase Order. It can later be applied to a Bill or refunded.

• Open A Prepayment that is neither applied to a Bill nor refunded.
• Partially Applied: A Prepayment that has some amount applied to a Bill and may have some amount refunded.
• Applied: A prepayment that has been completely applied to the Bill(s).
• Partially Refunded: A prepayment that has some amount refunded and no amount applied.
• Refunded: A prepayment that is completely refunded.

The Vendor Prepayment Module

• Payment Date: The date the Prepayment was recorded.
• Store: The Store the Prepayment was recorded from.
• Vendor: The vendor linked with the Prepayment.
• Payment Amount: The Prepayment amount.
• Payment Method: The payment method of the Prepayment.
• Payment Account: The checking/bank (asset) account from which the prepayment is made.
• Asset Account: The Prepaid Expenses (Asset) Account.
• Exchange Rate: If the vendor is foreign, you can edit the exchange rate here.
• Cheque Number: This field applies if the payment method is a cheque. Enter a number, or click the search to automatically generate the next cheque number from the system – it is incremented from the previous number, or check “Print Later?” to print the cheque number later from the queue.
• Reference Number: Enter a reference number here if required.
• Memo: Enter a memo here if required.
• Purchase Order Linking: Link the PO Ref# with the PO amount.
• Address: The vendor’s address that gets populated once a vendor is selected.

Use the Options dropdown to view Transactions, Audit Trial associated with the Vendor Prepayment.

All the recorded Prepayments can be viewed from the Vendor Prepayment Centre.

Linked Articles: 

• Vendor Prepayment, Credit, & Payment Workflow
• Vendor Return & Refund Workflow
• Linking Deposits & Prepayment to Orders