Do you Need to Pay a Vendor in Advance Before Product can be Shipped In Sage 100?
Step 1: Record the Payment in Sage 100
- Manual check entry
- Enter the check #, check amount and vendor
- Check the box for GL distribution only
- On the lines tab, enter the prepaid expense/deposit account to post the payment.
Step 2: Indicate on the PO that a prepayment has been made
Purchase Order Entry
- Totals Tab
- Enter Prepaid Amount and Prepaid check #Step 3: Process the Receipt & Invoice against the POWhen the Invoice is posted, the Prepaid amount will be applied to the invoice and the balance will post to Accounts Payable.Example: PO to purchase $450 worth of inventory, prepayment of $50Please Note: The prepayment does not show as a negative balance on the vendors account, but when the invoice is posted the prepayment will be deducted from the amount owed.
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