I am trying to figure out how to handle Advance Pay for AP to Vendors. Many Vendors require a Pre-payment of merchandise before they will ship.
How does PFW handles this?
ANSWER
There are a few phases to this process.
1) Create the Purchase Order for the vendor. Before sending the purchase order Document that you are paying in advance.
---- Open the Purchase Order
---- Choose PO Note button. Make an entry that check is enclosed or permission to charge your credit card for X amount of dollars. (Never include your full credit card number in the note. Have them call you.)
---- This note entry will print with the purchase order which you send to them and which you can also file away for reference.
2) Create the payment. This can be done with a credit card or check. Include it with your purchase order.
3) When the product arrives, process the purchase order and receive stock.
4) To make the remaining payment
--- Go to Vendor List
--- Highlight the Vendor
--- Choose Payables
--- Highlight the PO to be paid and choose Post Highlighted
--- Select the \"Posted/To Pay [F3]\" tab
--- Highlight the entry and choose \"Manual Pay\" button
--- In the Discount field, enter the amount already pre-paid
--- Choose OK
--- Select the Process Marked [F9] button to process payment of the invoice.
5) Print the report.
6) Make the payment with credit card or check.
