Solved

Advance on Purchase orders

S
Rank

We issued a P.O for $10.000.00 to purchase Raw materials.  P.O has lead time of 45 days. 30 days for production and 15 days transit time. 

We have to pay advance 50% to the Vender with P.O.

We pay next 25% when the order is ready to ship. (Within 30 days)

We release remaining 25% before accepting shipment in our dock.

 

How can I record these transactions inside accumatica liked with a P.O and adjust with accruals when the products are received? 

 

Thank you,

SB

icon

Best answer by Kandy Beatty 9 June 2022, 15:37

View original

4 replies

Kandy Beatty
Rank
Userlevel 7
Badge +16

I was able to create prepayments but need to understand how can i adjust against advance when we receive it in acumatica. Do you have any idea what kind of adjustment needed in vendor record? 

 

Thank you very much for your response. 

 

Regards,

Shankar

 

Hi @sbhattarai  You would simply do a receipt against that PO then create the Bill and add those prepayments to the bill. I would ensure that the Create Bill check box is checked also. 

 

Kandy ~ If a member helped you, please *Like* their post, and if a member provided an answer to your question, please mark it as *Best Answer*.
Chris Hackett
Rank
Userlevel 7
Badge

Hi @sbhattarai were you ever able to resolve your issue? Thank you!

Chris ~ Let us know how we're doing: https://forms.office.com/r/xmJUdZ1QE5 - A member helped you, please *Like* their post. A member provided an answer to your question, please mark it as *Best Answer*.
S
Rank

I was able to create prepayments but need to understand how can i adjust against advance when we receive it in acumatica. Do you have any idea what kind of adjustment needed in vendor record? 

 

Thank you very much for your response. 

 

Regards,

Shankar

 

shellie40
Rank
Userlevel 2

We create a prepayment against the PO.   You might need to make a few adjustments to the vendor record first, to be able to do this.

 

Shellie Lambert

Reply


Terms & ConditionsCookie settings
About Acumatica ERP system
Acumatica Cloud ERP provides the best business management solution for transforming your company to thrive in the new digital economy. Built on a future-proof platform with open architecture for rapid integrations, scalability, and ease of use, Acumatica delivers unparalleled value to small and midmarket organizations. Connected Business. Delivered.
© 2008 — 2024  Acumatica, Inc. All rights reserved