FrontAccounting forum — "Prepayment" payment type

Re: "Prepayment" payment type

2013-09-14T02:49:17Z

Thanks, apmuthu. If you don't mind - I would very much like to hear from other FA users as well.

Thanks

Re: "Prepayment" payment type

2013-09-14T02:12:16Z

The Sales -> Direct Invoice is the way to go for your case. Unfortunately, it assumes a cash sale and does not require any delivery. The non-payment status at generation time may be sent to a "Due NOW - Not Yet Paid" Cash account (tagged if necessary). When the payment arrives, it can be "applied" to the said entry.

Also please check that your Cash Only is not set to Prepayment type in Setup -> Payment Terms. It should be set to cash if you want to be able adjust the date of Direct Invoice before adding it - (Forum Post). Setting up another payment term with due after number of days set to zero may also work.

A similar case with Supplier Payments is discussed in this forum post and another.

Joe, having a generic "Payment DUE NOW" Cash/Bank Type Account in the CoA along with it's Net tagged receipts being part of the "allocate to invoice" list for applying payments would make it easy for such transactions.

Re: "Prepayment" payment type

2013-09-13T21:48:09Z

Thank you, apmuthu for your enthusiasm and willingness to help. Your explanation of Tag functionality is very clear. Unfortunately it is not obvious to me how your post is relevant to the original question. You are probably lucky that your clients send advance payment (step 2 in your sequence) without any invoice. But as I asked in original post

If the payment terms (let's call it "Due NOW") is of prepayment type, shouldn't I be able to generate invoice before delivery?

If you don't mind explaining how your sequence (that doesn't have invoice before delivery) address this question, I would greatly appreciate. And if it's impossible, and prepayment type is for future down payment functionality (coming in 2.4) - that's fine as well.

Re: "Prepayment" payment type

2013-09-13T20:06:57Z

Please read the wiki on the usage of the Tag feature. By accepting a payment on account from a customer, the entry will be of Cash/Bank receipt from customer and tagged to a particular Sales Order. When the actual invoice is raised, it can also be tagged to the same Sales Order. When the final payment arrives, it should also be tagged to the same Sales Order.
This Sales Order Tag's transactions can be viewed and the payments listed can then be applied to the Sales Invoice listed there.

1. Sales -> Sales Order Entry
2. Advance received tagged to Sales Order above
3. Sales -> Delivery Against Sales Orders (tagged to Sales Order)
4. Sales -> Invoice Against Sales Delivery (tagged to Sales Order)
5. Final Payment received tagged to Sales Order

Re: "Prepayment" payment type

2013-09-12T17:54:53Z

apmuthu wrote:

Treat as advance payment and make invoice on account (credit type)

Thanks, apmuthu for your reply. It may be obvious for an expert in FrontAccounting - but for a new FA administrator, could you please elaborate. I can't find anything that resembles advance payment in the application or in the documentation. How would I enter advance payment in the system?

Probably, once I understand the advanced payment functionality, "make invoice on account (credit type)" will be obvious as well - but at this time I have no idea what you are referring to.

Sorry for being so dense... Hopefully, your answers will help other people as well

Re: "Prepayment" payment type

2013-09-12T12:45:08Z

Treat as advance payment and make invoice on account (credit type)

"Prepayment" payment type

2013-09-10T06:22:27Z

I saw it was discussed several times before; but I don't think I saw this prepayment payment type before 2.3.17 (maybe it was there; and I just missed it); so I'll ask again.

If the payment terms (let's call it "Due NOW") is of prepayment type, shouldn't I be able to generate invoice before delivery? I created a sales order, set payment terms to Due NOW, but I still see the option for delivery, and no option for invoicing...

Am I missing something?
(Joe, I saw your note that you are out of the office; so I'll dig the code in the meantime)