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You can enter either a Temporary or a Permanent type prepayment. Temporary prepayments can be applied to invoices or expense reports you receive. For example, you use a Temporary prepayment to pay a hotel a catering deposit. When the hotel's invoice arrives, apply the prepayment to the invoice to reduce the amount you pay. Permanent prepayments cannot be applied to invoices. For example, you use a Permanent prepayment to pay a lease deposit for which you do not expect to be invoiced.

If you want to apply a prepayment to one or more invoices or expense reports, you must first approve and pay the prepayment. You control when a prepayment is available by the Settlement Date you enter and by optionally applying a hold to the prepayment.

When you enter an invoice for a supplier for whom you have outstanding Temporary prepayments, Payables notifies you that you have prepayments available that you can optionally apply. You can also review the Prepayment Status Report to check the status of all prepayments in your system. See: Prepayments Status Report.

This discussion includes the following topics:

• Releasing Holds from Prepayments

• Paying Prepayments

• Applying Prepayments to Invoices

• Applying Prepayments to Expense Reports

• Unapplying Prepayments

• Cancelling Prepayments

• Prepayment Restrictions

See Also

Applying Prepayments to Invoices