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Advanced Prepayments

Advanced Prepayments

Regular price $1,200.00 / Year
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Advanced Prepayments

Advanced Prepayments (APM) allows users to quickly interact with prepayments for customers inside of Business Central. Not only does it allow easier management of prepayments and applications but also gives users greater visibility into their customer balances for prepayments and invoices.

 

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 are utilized on future Purchase Orders/Invoices, it will Debit Expense and Credit Prepaid Expense, leaving the payables 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 transactions basis
      • Have the ability to use funds to pay the order/invoice partially

 

 

Sales and Purchase Order Prepayments - Enhanced Flexibility

  • Allows prepayments at an order level or job level
  • Does not lock down lines after the prepayment is invoiced or received
  • Added flexibility allows users to work with prepayment invoices in a more efficient manner

 

 

Reporting

  • Ability to generate prepayment balance lines on documents - shows them how much they have remaining when they receive the document
  • Ability to view AR Dashboard for Customer Prepayments
  • Ability to view AP Dashboard for Vendor Prepayments
  • Indicator on Customer and Vendor Ledger Entries to Indicate Document is a Prepayment Document
  • Indicator on Posted Sales and Purchase Invoices to Indicate Document is a Prepayment Document

 


 

 


Download from AppSource Access Setup and User Guide

The AppSource download includes a 30-day evaluation license automatically installed at no charge. If you would prefer to download a PTE version of this extension, please reach out to support@erpconnectconsulting.com.

Advanced Prepayments - Setup and Overview


Advanced Prepayments - Toolbox Tuesday Demo

 



 

Setup and Overview

 

Advanced Prepayments Setup

 

 

Customer Prepayments, Deposits, and Retainers 

 


Advanced Prepayments Customer Deposits and Retainers

 

 

Sales Order/Invoice Prepayments

 

Advanced Prepayments Sales Order and Invoice Prepayments

 

 

Accounts Receivable Dashboard

 

Advanced Prepayments Accounts Receivable Dashboard

 

 

Excel Prepayment Summary Export

 

Excel Prepayment Summary Export