Advanced Prepayments

Currently supported localizations include the United States and Canada.

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Advanced Prepayments (APM) allows users to quickly interact with prepayments for customers, vendors, and jobs inside of Business Central.

Not only does it allow easier management of prepayments and prepayment applications but also gives users greater visibility into their customer and vendor 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