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This method is divided into two procedures, and the approach used will depend on if the total value will ever be fully paid or if it is considered a down payment and will not be fully paid.
Procedure 1 (Partial Payment is Only Payment)
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When a sum of money is prepaid to a Vendor for unspecified Product, the Prepay balance is established using the Quick Check function.
At G/L / Quick Check , select the correct Vendor and check the Use Prepay checkbox. This debits the Ac...
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Sometimes an agreement is made with a Vendor for a specific amount of Prepay. This amount will be paid with an initial down payment and the remainder to be paid in installments over a specified period of time.
Add a prepaid Purchase Order ...
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Current and prior year Vendor Prepay balances can be corrected in prior and current datasets as long as the current year dataset is still in Fiscal Month 1.
Log into the current year and add a Prepay A/P Bill for the Vendor whose balance is i...
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When paying for specific Product, it is important to follow the instructions below through the entire process.
A good report to help track Prepay versus regular activity of a Vendor is the Vendor Detail report found in Accounting Reports at ...
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This utility was designed to simplify the process of transferring vendor Prepay to the Regular account or receiving a refund Prepay check from the Vendor. The Transfer Vendor Prepay utility is found at Accounting / A/P / Transfer Vendor Prepay ....
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Sometimes a partial payment is paid to a Vendor to lock in a specific price for Product that will be purchased at a later date. An example of this might be prepaying $0.05 per gallon for Propane to the Vendor which locks in an actual Product cos...
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Last Updated: 03/09/2026
in Education
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If the prepay Purchase Order was created and paid in the prior year and it is preferred to recognize the loss in the prior year, set up a new general ledger account in the current year and the prior year called Recognized Inventory Value Loss of ...
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Using the price rollup feature on an Invoice allows charging for a seed treatment and displays the Products that were used in the treatment but excludes the Product prices and quantities. To exclude the prices of the seed treatment Products, crea...