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On Account Payments and Prepayments - Prepayments

A Prepayment Payment is usually used where a Supplier has been paid a deposit against a Purchase Order, before an Invoice has been received for that deposit.

For each Supplier to whom you are likely to pay deposits, switch on the On Account check box on the 'Terms' card. Then specify the control or suspense Account number on card 2 of the Account Usage P/L setting, using the On Account A/C field. You can also specify a separate suspense Account for each Supplier Category or even each Supplier if you wish.

A Prepayment issued by your company to the Supplier is entered as a Payment, but leave the Purchase Invoice Number blank. Instead, a Prepayment Number should be specified on flip E. This can be a number of your own generation, the number allocated to the prepayment by the Supplier or, preferably, the number of the Purchase Order against which the deposit has been issued. Using 'Paste Special" from this field will open a list of Purchase Orders from which the correct one can be chosen. If a Purchase Order Number is used, the Supplier Number on flip A will change to that from the Purchase Order and the Sent Value will be changed to the Order value. Change this to the value of the deposit if this is different:

The special Account for on account Suppliers used in this example is 755 since raising a Prepayment creates an asset. The Nominal Ledger Transaction generated when the Payment is approved and saved will debit the Sent Value to this Account. The Credit Account is taken from the Payment Mode as usual:

When the Purchase Invoice arrives, the Prepayment can be allocated to that Invoice so that it can be treated as paid.

If you used a Purchase Order Number as the Prepayment Number, it is likely that you will create the Purchase Invoice from the Purchase Order screen using the 'Invoice' Operations menu function. When the 'Purchase Invoice: Inspect' window is opened, you will be warned that an open Prepayment (i.e. one that has not yet been allocated to an Invoice) exists in the Supplier's name. This will remind you to allocate the Prepayment to the Purchase Invoice. If you enter the Invoice directly to the Purchase Invoice register, the same warning will appear when you enter the Supplier Number. In this case, complete the grid area in the usual way.

When you are certain that the Purchase Invoice is complete, select 'Connect to Prepayment' from the Operations menu. A new row is inserted as the first row of the grid area, containing a reference to the Prepayment. Enter the Prepayment Number of the Payment row representing the Prepayment, using 'Paste Special' if necessary to bring up a list of open (unallocated) Prepayments. This list shows open Payment rows with a Prepayment Number and without an Invoice Number. Payment rows that do not have a Prepayment Number or an Invoice Number will not be in this list: please refer to the On Account Payments page for details of allocating these to Purchase Invoices.

Select a Prepayment from the list by double-clicking. The Prepayment Number is shown in the special Prepayment row. An amount will also be shown. This will be the whole open value of the Prepayment, or the Invoice TOTAL (from the Purchase Invoice header) whichever is the lower. This figure will be debited to the Creditor Account when the Purchase Invoice is approved and saved, so the Invoice will be treated as paid to that extent.

When the Purchase Invoice is approved, the consequent Nominal Ledger Transaction will combine the usual Invoice postings with those incurred by allocating a Payment against the Invoice. This maintains a correct Purchase Ledger for the Supplier:

The status of the Purchase Invoice and of the Prepayment will now be as follows:

1. if the Purchase Invoice value is the same as the whole open value of the Prepayment, the Purchase Invoice is treated as paid and will not appear in any reports showing Open Purchase Invoices. The Prepayment is fully used up by the Purchase Invoice, so it is no longer regarded as open;
   

2. if the Purchase Invoice value is less than the whole open value of the Prepayment, the Purchase Invoice is treated as paid and will not appear in any reports showing Open Purchase Invoices. The Prepayment is not fully used up by the Purchase Invoice, so the remaining outstanding amount is still regarded as open; or
   

3. if the Purchase Invoice value is more than the whole open value of the Prepayment, the Purchase Invoice is treated as part-paid. The Prepayment is fully used up by the Purchase Invoice, so it is no longer regarded as open.

Note that it is important to ensure that the Invoice is complete before selecting 'Connect to Prepayment' from the Operations menu. The function calculates the amount shown in the special Prepayment row: this is the amount which will be debited to the Creditor Account and therefore the amount which goes towards paying off the Invoice. If the Invoice is incomplete when the function is selected to the extent that the TOTAL (as shown in the header, not as calculated from the Invoice rows) is zero (or is otherwise incorrect), this will be the amount shown in the special Prepayment row. When the Purchase Invoice is completed, approved and saved, this is the figure that will be debited to the Creditor Account. So the Purchase Invoice will not be paid off, and the Prepayment will remain open.

If you select 'Connect to Prepayment' before the Purchase Invoice is complete (it may be that a late change is required) you can either change the amount shown in the special Prepayment row or you can delete the special Prepayment row and use 'Connect to Prepayment' once again. If you choose the former option, you will be prevented from entering an amount that is greater than the open value of the Prepayment, or greater than the Purchase Invoice total.

!	Ensure the TOTAL of the Purchase Invoice is correct before using 'Connect to Prepayment'.

If you have used 'Connect to Prepayment' and you are unable to save the Invoice, the probable reason is that the date of the Prepayment is later than that of the Invoice. The date of the Prepayment must be the same as or earlier than that of the Invoice.

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