Payments
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      Apply Purchase Prepayments 

      Overview: 

      • Learn how to apply prepayments to your purchase order 

      Why apply Purchase Prepayments? 

      Prepayment is applied to your purchase order when your supplier has requested an advance payment of a portion of the total purchase value.  

      Note: You’ll need to enable prepayment in the General Posting Setup and update the account for purchase prepayment. Then, specify the posted prepayment invoices and purchase prepayment credit memo Number Series in the Purchase & Payables Setup. 

      Note: Personalise the Lines section of your purchase order and add the prepayments fields. You can also update the Prepayment section.  

      How to apply Purchase Prepayments? 

      1. Complete steps 1 to 9 in the set up a purchase order. Then, return here to complete the next steps.  
      2. Select the Prepayment % field in the Prepayment section. Apply a prepayment percentage to your line items.  
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      3. A message is displayed to confirm that you’ve modified the Prepayment % and to request if you want to update the lines. Select Yes to continue.  
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        Note: The Prepayment % field in the Lines section gets auto updated when you update the Prepayment % field in the Prepayment section.
         
        Note: The Prepmt. Line Amount Excl. GST field gets updated as a prepayment percentage off the Line Amount Excl. GST field.  

        Note: You can update the Prepmt. Line Amount Excl. GST field manually and the Percentage % field is auto calculated.  
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      4. Review the purchase prepayment order.  
      5. Select Actions. Then, select Posting. From the drop-down menu, select Prepayment. Then, select Post and Print Prepmt. Invoice.  
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      6. A message displays to confirm if you want to post the prepayments for the purchase order. 
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      7. Select Yes to continue.  
      8. A purchase prepayment invoice is generated. You can send this to the vendor for prepayment.  
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      9. The purchase order status is updated as Pending Prepayment.  
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      10. You’ve applied purchase prepayments to your purchase order.

      Note: Once the prepayment invoice has been paid, you may release the purchase order and proceed to receive the purchase order when the goods arrive. The remaining amount of the purchase order will be paid per normal accounts payable process.  

       

      What’s next? 

      Find out how to navigate a set-up purchase order. 

       

      If you have any questions, please reach out to support@wiise.com