Has anyone found an effective way to work with Ven...
# accountingk
Kristian Reynolds
07/21/2023, 7:00 PMHas anyone found an effective way to work with Vendor Prepayments in Bill.com? I'm having a difficult time tracking the deposits paid on specific purchase orders because it is not linked until I create/apply the vendor credit to the commercial invoices.
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MGBC
07/21/2023, 7:10 PMI’ve seen people enter them as Bills and not bill credits
Create a non inv item for purchase and point the expense account to a prepaid vendors account
Add this item to the PO qty 1 and rate = down payment amount
Then add a line for the same item of qty 1 and rate is NEGATIVE down payment amount
Enter the down payment as a vendor bill in Bill.com but only billing the positive down payment line
MGBC
07/21/2023, 7:10 PMThen when fully billing the remaining PO be sure to include the negative line with the other lines on the PO so the down payment is offset
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Kristian Reynolds
07/21/2023, 7:25 PMThat is an interesting work around. I think I have to test that idea, thanks!
m
MGBC
07/21/2023, 7:31 PMIt also helps if you uncheck the can be fulfilled recived box on your down payment non inv item
k
Kristian Reynolds
07/21/2023, 7:35 PMCan you explain what that effects?
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MGBC
07/21/2023, 7:44 PMThen you don’t have to post an item recipt for the non inv item
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Kristian Reynolds
07/21/2023, 7:45 PMAh I see, thank you very much!