Re: [SL] How to account for pre-payments

[Michael H. <mh...@it...>]

Some places give discounts for prepayment, (e.g. prepaid blocks of  
time for service).  If regular customer has a return they may just  
ask for credit rather than cash back.  It could be a year-end rebate  
based on volume of business, a coupon, even just a discount after the  
sale.  Probably many more, this is just off the top of my head...


Thanks,

Michael


On May 6, 2009, at 10:31 AM, Paul Tammes wrote:

Why prepay at all? Especially an accountant should see the logic that  
one
has to send an invoice in order to get paid.

Just my two cents..

2009/5/5 Michael Hasse <mh...@it...>

> Good question!
>    And if you search the archives you'll see that while there are
> several ways to handle it there are no "best" or "right" ways to do  
> it.
>    Or, to put it more plainly, SL does not really have a "credit"
> account per customer out of the box.  You can do it yourself, (a
> laborious process if you already have a lot of customers in the
> system).  Or you can do an equally laborious negative invoice and
> deletion as you've already described.
>    There are some other possible ways but they all pretty much come
> down to the same thing - SL doesn't have a good credit tracking
> mechanism.  (Actually, I should say the tracking is fine, it's the
> application of the credit that's awkward).
>
>
> Thanks,
>
> Michael
>
> On May 5, 2009, at 2:08 PM, Kevin Bailey wrote:
>
> Hi,
>
> What is a good way to handle pre-payments?  I.e. we make payments  
> to our
> accountant to pre-pay towards an invoice which is then raised at  
> the end
> of the year.
>
> Currently, I assign them to a suspense account - and then reallocate
> them.  But this is a bit of a pain as I have to delete these
> transactions later, add as a receipt and then reconsolidate the bank
> statements.
>
>
> I suppose I could prepay to a debtors account - but how would I  
> remember
> to pay this against the outstanding to stop our bookkeeper from paying
> the invoice twice!
>
> Cheers,
>
> Kevin
>
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