Pre-payment to a Vendor 1

[Alicen]

We make many pre-payments to vendors for bid packages. Is ther a way to have the prepaid amount show up on the vendor aging as a outstanding credit on the account so we can later apply the invoices as we receive them?

Example, we cut a check for $100,000.00 we will receive product in over the next few months with several invoices being recieved that will total the check and need to be tied to the manual check that was cut. How can we see this on an aging, and see all the invoices related to the prepaid check?

 

[dfeller]

Have you used the purchase order deposit feature before? You can cut a manual check, then enter a deposit amount on the P/O such that when the invoice comes in, it will update to the A/P as paid. The downside is that it doesn't show on the A/P side as an open credit. You would have to use a G/L account to track it.

The other way is to create an a/p credit then use the APP function in manual check entry to apply parts of the credit to invoices you receive in.

Dawn