Supplier Prepayment: How to create a supplier prepayment from a Purchase order with a prepaid PO

Versa Cloud ERP has an option on the Purchase Order screen under the More option to prepay a Purchase Order.

In this case, there is a PO for $50,000, which the users need to prepay.  

Step I: 

Create a PO for the full value

Step II: 

From More Drop down>Prepay PO:

In this case, we will be prepaying half, which is 25000$, this creates a bill, and we will post it.

Step III: 

This has now created a bill; however, this bill is created against Supplier Prepayment and Accounts payable, but it is not paid. This bill has just created a liability to pay. Therefore, we need to pay the prepayment.

Step IV: 

Pay as usual with Bills>Make Payment:

Step V: 

Now receive the goods. Once you have received the goods, the PO will show only $25000 left to be paid.

This is because Versa recognizes the action of the Prepaid PO. Once the goods are received, the bill that was created initially as prepayment will be linked to the receipt of goods and map the prepayment with the receipt of goods, so the user does not have to redo the process.

Now the user can now create a bill for the remaining 25000$ and link it to the shipment:

Once the bill is posted, the user can pay the bill as usual for $25000.