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Processing Prepayments

This job aid contains step-by-step instructions you can use when working with prepayments in MYOB Acumatica.

Entering a Prepayment the Standard Way

  1. Open the Bills and Adjustments (AP301000) form.

    To open the form for creating a new record, type the form ID in the Search box, and on the Search form, point at the form title and click New.

  2. On the form toolbar, click Add New Record.

  3. In the Type box of the Summary area, select Prepayment.

  4. In the Date box, check the date of the document.

  5. Select the supplier in the supplier box to pay.

    The system fills in the following boxes automatically with the default settings of the selected supplier: Location, Terms, Due Date, and Cash Discount Date. Review these settings and make any needed changes.

  6. In the Currency box, make sure that the document currency is correct. Select another currency, if needed.

  7. If needed, click the Exchange Rate box (right of the Currency box) to open the Rate Selection dialog box and view the effective exchange rate for the currency. Override the default exchange rate type.

  8. If needed, in the supplier Ref. box, enter the reference number assigned to the document by the supplier.

  9. On the Details tab, enter the details of the prepayment request by performing the following steps for each line:

    1. On the table toolbar, click Add Row. Make sure that the Branch column displays the needed branch.

    2. Enter the ID of the non-stock item or service the supplier needs to deliver in the Inventory ID column if needed.

  10. In the Quantity column, enter the needed quantity of the item.
  11. If needed, in the Unit Cost column, type the cost per unit.
  12. Ensure that the Account column displays the account you want to specify.
  13. Make sure the Subaccount column displays the subaccount you want to specify.
  14. If needed, in the Amount box is available in the Summary area, enter the total amount of the document.
  15. On the form toolbar, click Save.

 

Entering a Prepayment in a Simplified Manner

  1. Open the Cheques and Payments (AP302000) form.

    To open the form for creating a new record, type the form ID in the Search box, and on the Search form, point at the form title and click New.

  2. On the form toolbar, click Add New Record.

  3. In the Type box of the Summary area, select Prepayment.

  4. In the Application Date box, check the date of the document, and change it, if needed.

  5. Select the supplier in the supplier box to pay.

    The system fills in the following boxes automatically with the default settings of the selected supplier: Location, Payment Method, and Cash Account. Review these settings and make any needed changes.

  6. In the Payment Amount box (if it appears), specify the total amount of the prepayment.

  7. On the form toolbar, click Save to save the prepayment.

 

Applying Prepayment to Bills

  1. Open the Cheques and Payments (AP302000) form.

  2. In the Type box of the Summary area, select Prepayment.

  3. In the Reference Nbr. box, select the prepayment you want to apply.

  4. On the Documents to Apply tab, select the documents to which you want to apply the prepayment in one of the following ways:

    1. To add all applicable documents to the list, click Load Documents on the table toolbar.

    2. To add a particular document to the list, do the following:

  5. On the table toolbar, click Add Row.

  6. In the Document Type column, select a document type.

  7. In the Reference Nbr. column, select a document from the list of applicable documents.

  8. In the table, for each document, review the applied amount in the Amount Paid column, and change the amount, if needed.

  9. On the form toolbar, click Save.

 

Correcting Unreleased Prepayment Application

  1. Open the Cheques and Payments (AP302000) form.

  2. In the Type box of the Summary area, select Prepayment.

  3. Select the prepayment that needs correction in the Reference Nbr. box.

  4. On the Documents to Apply tab, click the row for each document you don't want to apply the prepayment to, and then click Delete Row on the table toolbar.

  5. On the form toolbar, click Save.

 

Reversing Released Prepayment Applications

  1. Open the Cheques and Payments (AP302000) form.

  2. In the Type box of the Summary area, select Prepayment.

  3. In the Reference Nbr. box, select the prepayment whose application to a bill or credit adjustment you want to reverse.

  4. On the Application History tab, click the row of the document whose application you want to reverse, and then click Reverse Application on the table toolbar. On the Documents to Apply tab, the system adds a reversing row with the opposite amount.

  5. On the form toolbar, click Release to release the application of the reversing entry.

The system creates a batch that reverses the prepayment application to a bill or credit adjustment and changes the status of the prepayment to Open.

 

Voiding a Prepayment Paid by Cheque

  1. Open the Cheques and Payments (AP302000) form.

  2. In the Type box of the Summary area, select Cheque.

  3. Enter the number of the accounts payable cheque to void in the Reference Nbr. box.

  4. On the form toolbar, click Void.

    The system creates a document of the Voided Cheque type with the same reference number as the prepayment.

  5. On the form toolbar, click Save, and then click Release to save and release the voided cheque.

 

Voiding a Prepayment

  1. Open the Cheques and Payments (AP302000) form.

  2. In the Type box of the Summary area, select Prepayment.

  3. Void the prepayment in the Reference Nbr. box.

  4. On the More menu (under Corrections), click Void.

The system creates a document of the Voided Cheque type with the same reference number as that of the prepayment used.

  1. On the form toolbar, click Save, and then click Release to save and release the voided cheque.

 

Entering a Refund for a Prepayment

  1. Open the Cheques and Payments (AP302000) form.

    To open the form for creating a new record, type the form ID in the Search box, and on the Search form, point at the form title and click New.

  2. On the form toolbar, click Add New Record to add a new document.

  3. In the Type box of the Summary area, select supplier Refund.

  4. Select the date when you applied the supplier refund in the Application Date box.

  5. Select the supplier to refund in the supplier box.

    The system fills in the following boxes automatically with the default settings of the selected supplier: Location, Payment Method, and Cash Account. Review these settings and make any needed changes.

  6. If needed, in the Payment Ref. box, enter the reference number of the supplier refund.

  7. On the Documents to Apply tab, add a prepayment or multiple prepayments on which the supplier refund is based as follows:

    1. To add all applicable documents to the list, click Load Documents on the table toolbar.

    2. To add one document or multiple documents to the list, do the following for each prepayment:

      1. On the table toolbar, click Add Row.
      2. In the Document Type column, select Prepayment.
      3. In the Reference Nbr. column, select a document.
      4. In the Payment Amount box of the Summary area, enter the total amount of the debit adjustment applied to the document.
  8. On the form toolbar, click Save and then Release to save and release the refund. The supplier refund now has the Closed status.