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    BILLING - Prepayments and Prepayment Journal Vouchers (AX 2012)

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    Syed Mudussir Husain

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    BILLING - Prepayments and Prepayment Journal Vouchers (AX 2012)

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    Syed Mudussir Husain
    23 views4 pages

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    BILLING - Prepayments and Prepayment Journal Vouchers [AX 2012]

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    23 views4 pages

    BILLING - Prepayments and Prepayment Journal Vouchers (AX 2012)

    Uploaded by

    Syed Mudussir Husain

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    © All Rights Reserved
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    About prepayments and prepayment journal vouchers [AX 2012] http://technet.microsoft.com/en-us/library/hh242262(d=printer).

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    Microsoft Dynamics About prepayments and prepayment
    Microsoft Dynamics AX
    Microsoft Dynamics AX 2012 journal vouchers [AX 2012]
    Application users
    2 out of 2 rated this helpful - Rate this topic
    Accounts payable
    Working with Accounts payable Updated: February 4, 2011

    Prepay for product or service overview


    Applies To: Microsoft Dynamics AX 2012 R2, Microsoft Dynamics AX 2012 Feature Pack, Microsoft Dynamics AX 2012
    About prepayments and
    prepayment journal vouchers Organizations might issue prepayments to vendors for goods or services before those goods or services are fulfilled. To
    Key tasks: Prepayments minimize risk, you can track prepayments by defining the prepayment on a purchase order. Vendors can also create a
    prepayment invoice that is associated with a purchase order.

    Organizations that do not want to track prepayments as closely can use prepayment journal vouchers instead of the
    prepayment feature. You can create prepayment journal vouchers by creating journal entries and marking them as
    prepayment journal vouchers. However, you cannot track which prepayments are made to a vendor against which
    purchase orders.

    When to use prepayments or prepayment journal vouchers

    Type of
    Modules Uses
    prepayment

    1 of 4 2/13/2013 12:34 PM
    About prepayments and prepayment journal vouchers [AX 2012] http://technet.microsoft.com/en-us/library/hh242262(d=printer).aspx

    Prepayment Accounts You can do the following with prepayments:


    payable
    Define prepayments for a purchase order. This includes
    prepayment limits and purchase categories.
    Record and settle payments against prepayment requests from
    vendors.
    Apply prepayments against vendor invoices to reduce vendor
    liability.

    Prepayment journal Accounts You can do the following with prepayment journal vouchers:
    vouchers payable
    Create accounting entries for customer or vendor prepayments.
    Accounts
    receivable Make and settle prepayments that were made to a customer or
    vendor, and that do not reference a sales order or purchase
    order.

    Overview of the prepayment journal voucher process

    2 of 4 2/13/2013 12:34 PM
    About prepayments and prepayment journal vouchers [AX 2012] http://technet.microsoft.com/en-us/library/hh242262(d=printer).aspx

    Accounting practices in many countries/regions require that prepayments (payments in advance) from a customer or to a vendor are not posted to the usual summary
    accounts for the customer or vendor. Instead, these prepayments are posted to special ledger accounts for prepayments. When a sales order or purchase order is made,
    an invoice is issued to the customer or vendor. When the invoice is paid, the prepayment journal voucher and sales tax prepayment voucher on the prepayment ledger
    accounts are reversed, and the invoice amounts are automatically posted to the usual summary accounts. For more information, see Post prepayment journal vouchers to
    prepayment accounts.

    Follow these steps to create a prepayment journal voucher:

    1. Set up prepayment journal vouchers by using posting profiles for prepayment journal vouchers.

    2. Create a journal voucher entry and mark it as a prepayment journal voucher.

    3. Settle the prepayment.

    4. After the vendor delivers the goods or services, the transaction for the prepayment journal voucher is automatically reversed.

    5. Post the payment to the customer or vendor account.

    Overview of the prepayment process

    Prepayments are a common business practice, and are advance invoice payments that are made to a vendor before the purchase order is fulfilled. For example, a vendor
    might require a prepayment for specific goods or services. After the prepayment is paid, your legal entity can later apply the prepayment to one or more invoices from the
    vendor to offset the amount that was already paid.

    Follow these steps to create a prepayment:

    1. The purchasing agent creates, confirms, and then submits a purchase order that has a prepayment associated with it.

    2. The vendor submits a prepayment invoice.

    3. The accounts payable coordinator records the prepayment invoice against the purchase order, and then settles the payment.

    4. After the vendor delivers the goods or services, and the related vendor invoices have been received, the accounts payable coordinator applies the prepayment
    amount that was already paid against the invoice.

    5. The accounts payable coordinator pays and settles the remaining amount of the invoice.

    3 of 4 2/13/2013 12:34 PM
    About prepayments and prepayment journal vouchers [AX 2012] http://technet.microsoft.com/en-us/library/hh242262(d=printer).aspx

    For more information about the prepayment process, see Key tasks: Prepayments.

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    4 of 4 2/13/2013 12:34 PM

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