What if I have issued an advance to vendor through payment journal for an expense. However, later the vendor sent an invoice of amount higher than prepaid. What should I do in this case? How to settle the prepayment with the invoice?
Hi. Thanks for the video. How do you take a prepayment from one PO and move it to another PO? Also, what if the PO has been canceled. How do you cancel the Prepayment so the system reflects a credit in the AP system?
Hi, Thank you for the video, I've been looking for this. May I know is there a way to make the prepayment apply automatically, without us to click the "Apply prepayment" during posting the original vendor invoice. Thanks again.
Hi, can you please help me with, what if, we created and paid the prepayment invoice and after the prepayment invoice has been paid the PO is cancelled and there is no outstanding PO & there we will be no future transactions with the same vendor. The paid amount (agt the prepayment invoice) will be in the advances to suppliers main account and there will be an "open prepayment" in the open prepayment list page. How do we cancel such open prepayments?
How many times we can do prepayment... example I want to do 30% & 40% &30% ...3 times I want to do prepayment, but system is not allowing... could please tell what was the reason after 50% of prepayment system is not allowing to do prepayment...is there any parameter we need turn on ?
Hello thank you so much Is it possible to make real invoice higher or less than prepayment invoice?If i make higher or less the real invoice is system can settle?if its possible how should i make it?
Hi. Thanks for this video. It really helps. Do you have any video where you show how to handle if the prepayment was more than the settled invoice? How do you cancel the remainder on the open prepayments screen if the supplier paid back the money?
Good question. Prepayment normally cannot exceed the total amount of Purchase order. However, if you say that final invoice is of less amount, the vendor can return. The returned amount need to be received through payment journal (Debit: Bank, Credit: Vendor), then try to re-settle the two payment journals (this one, and earlier) to the prepayment invoice, that will consequently be applied to final invoice. Please try and let me know the results.
Hello! Thank you for the video, definitely helped in understanding the cycle a little. However what if the prepayment is not 100% and is for example 40%. After posting the prepayment in the vendor payment journal, do we have to post the remainder of the amount in the vendor payment journal or is the PO invoiced directly. Thank you once again.
Prepay can be partial, and that prepay invoice is settled with payment journal. Once final invoice is posted, there is no question of any further prepay invoice. You need to settle final invoice with previous paid prepay invoice.
While posting Prepayment Invoice Accounts payable A/c is not getting credited, its taking vendor Prep posting profile summary account but posting account is correct.
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Very welll explained the entire process.
Thanks for the clear explanation
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What if I have issued an advance to vendor through payment journal for an expense. However, later the vendor sent an invoice of amount higher than prepaid. What should I do in this case? How to settle the prepayment with the invoice?
Hi. Thanks for the video. How do you take a prepayment from one PO and move it to another PO? Also, what if the PO has been canceled. How do you cancel the Prepayment so the system reflects a credit in the AP system?
Hi, Thank you for the video, I've been looking for this. May I know is there a way to make the prepayment apply automatically, without us to click the "Apply prepayment" during posting the original vendor invoice. Thanks again.
No there is no automatic. You need to manually apply.
Hi, can you please help me with, what if, we created and paid the prepayment invoice and after the prepayment invoice has been paid the PO is cancelled and there is no outstanding PO & there we will be no future transactions with the same vendor. The paid amount (agt the prepayment invoice) will be in the advances to suppliers main account and there will be an "open prepayment" in the open prepayment list page. How do we cancel such open prepayments?
How many times we can do prepayment... example I want to do 30% & 40% &30% ...3 times I want to do prepayment, but system is not allowing... could please tell what was the reason after 50% of prepayment system is not allowing to do prepayment...is there any parameter we need turn on ?
How can we do prepayment when we are using budget control ?
Hello thank you so much Is it possible to make real invoice higher or less than prepayment invoice?If i make higher or less the real invoice is system can settle?if its possible how should i make it?
Hi. Thanks for this video. It really helps. Do you have any video where you show how to handle if the prepayment was more than the settled invoice? How do you cancel the remainder on the open prepayments screen if the supplier paid back the money?
Good question. Prepayment normally cannot exceed the total amount of Purchase order. However, if you say that final invoice is of less amount, the vendor can return. The returned amount need to be received through payment journal (Debit: Bank, Credit: Vendor), then try to re-settle the two payment journals (this one, and earlier) to the prepayment invoice, that will consequently be applied to final invoice.
Please try and let me know the results.
Hello! Thank you for the video, definitely helped in understanding the cycle a little. However what if the prepayment is not 100% and is for example 40%. After posting the prepayment in the vendor payment journal, do we have to post the remainder of the amount in the vendor payment journal or is the PO invoiced directly. Thank you once again.
Prepay can be partial, and that prepay invoice is settled with payment journal. Once final invoice is posted, there is no question of any further prepay invoice. You need to settle final invoice with previous paid prepay invoice.
Hi, the match status ' failed' when I did 'prepayment invoice'. Any idea. Thank you.
It has nothing to do with Match status. Match is linked with Qty and Price matching or totals.
thank you .
Welcome
While posting Prepayment Invoice Accounts payable A/c is not getting credited, its taking vendor Prep posting profile summary account but posting account is correct.
You can send me screenshots on the email. It needs further details to resolve.