Posting a One-Off Prepayment

Some Of the nominals and ledgers used in this topic may be different to those in your chart of accounts.

If prepayments were not correctly defined at the time the transaction was entered they can be manually created or the original prepayment document can be edited.

To edit the original prepayment document, in Userfield 1 enter prepayment dates in dd/mm/yyyy-dd/mm/yyyy format.

Manual prepayments are required when an invoice has already been posted that did not include the prepayment entries. This is achieved by posting a Prepayments document input form. The required prepayment entries are automatically posted by the system once the prepayment document has been posted.

Before posting any prepayment documents, it is essential to check that all the accounting periods within the prepayment time frame exist, and have been opened. Prepayments are not posted to the correct periods if this is not the case, and this can be time consuming to rectify.

This topic assumes you are familiar with selecting and completing document types and input forms. For more information, please see Completing Document Input Forms.

Scenario: An invoice was received for insurance totalling £12,000. The policy covers 01/09/2020 to 31/08/2021. The invoice was entered, but the prepayment was overlooked. A prepayment needs to be posted covering the applicable accounting periods.

  1. Go to Documents, then select Document Input from the menu.

  2. The Document Input dialog is displayed. Select ... in Document type, then double select to select JRNL - Journal from the Select a document type dialog.

  3. The Date and Period default today's date and the current accounting period. The date and period should be the date in which the initial prepayment document is posted. To change the date, select a date from the Date drop-down calendar. To change the period, select ... in Period, then select the required period from the Select a period dialog. Select OK to confirm the selections.

  4. Enter the details of the prepayment, including the Date Range of the payment, then POST the document.