Advance Payments

@Anthony Block @Christine Adams
I will pass along the desire for more information/training around this feature, but here is a quick guide to get you started:

Our Advance payments feature allows you to record prepayments to a deferred liability account.

1. First, determine the cutoff date for what you consider an advance payment (e.g., 7/1). Any payments made before this date will be treated as an advance payment.

2. Next, select the deferred liability account you want to use for advance payments. Advance payments will initially credit this account instead of receivables.

3. Once this has been set up, any payment made before the cutoff date that applies to charges for the associated billing year will be treated as an advance payment.

An advance payment will initially credit the deferred account when the payment is made. However, additional distributions will be created to move the funds from the deferred account to receivables on the cutoff date.

Note: If a payment is applied to charges for both the current and upcoming year, only the portion applied to the upcoming year’s charges will be treated as an advance payment.

There is also a video about setting up Advanced Payments available here: