Accounting AP

7:50

Vendor Deposit

Follow this procedure if you need to prepay a Vendor in advance, or record a Vendor Deposit for a purchase

Method 1: Linked directly to a Purchase Order

1. Confirm that a Vendor Deposit Asset Account exists (Accounting Main Menu > Admin > Company Setup > Asset tab
2. Create a Purchase Order on the POs tab of a Customer record (or open existing PO)
3. Process the PO through the Approval stage and then from the Extended Menu, select “Create Vendor Deposit.”  A Deposit Amount pop up window will appear.
4. Enter the Deposit Amount and then click the OK button
5. A new Vendor Invoice (a Voucher) will be created and open in a new window.  The Voucher Invoice Type will be “Deposit.”
6. Complete all necessary fields, including Payment Method.  Note: the VendInvoice No. field must be filled in to process posting / payment of this Voucher
7. At this point, you may either Post the Voucher, or Post the Voucher and Release for Payment (Extended Menu options).  Depending on your process, you may need to Post, then Approve, then Release for Payment.
8. Once you have released this Voucher for payment, the Deposit Paid field on the Purchase Order will display the amount of your Deposit.  You may need to click the Refresh icon to see this change.
9. Back on the Voucher, from the Extended Menu, select Post Direct Payment (Note: this will only work if you set an option other than Blank or Check as the Payment Method).  A Direct Payment Comments window will open.
10. Complete all the fields and click the OK button
11. Back on the PO record, click the Process icon and in the Process Record window that opens, click the Receive PO button.  A Receive Purchase Order form will open in a new window
12. Change the Q/Rec (Quantity Received) if necessary.  This may be done directly in the Receive grid.  Click the Save button.
13. Alternatively, you may click the Receive All button to receive all Items listed in the Receive grid.
14. Click OK in the confirmation window that appears.
15. Click OK (or No) in the “Print PO Receipt” window that appears.
16. Back on the Purchase Order, from the Extended Menu, select “Create Vendor Voucher.”  The Items to Voucher window will open.
17.  Highlight your Item(s) in the grid and click the Select button.  An Unposted Voucher will open in a new window.
18. From the Extended Menu, select Post Voucher.
19. Approve the Voucher from the Extended Menu if required, depending on your process
20. From the Extended Menu, select Release for Payment
21. If you created a Vendor Deposit using the steps above, a pop up window will appear advising you that you have a Deposit Balance available.  You will be asked if you would like to apply that balance against this Voucher.  Click OK to apply balance.

Method 2: Not linked directly to a Purchase Order (from a Stand Alone Voucher)

1. Open a Customer record and navigate to the Vouchers tab
2. In the Vouchers grid, click the ADD icon and select Create Vendor Deposit.  A Deposit pop up window will appear.
3. Enter a Deposit value and click the OK button
4. A Voucher of Invoice Type “DEPOSIT” will open in a new window
5. Put the Voucher in EDIT mode
6. Complete or edit fields as needed.  Note: a VendInvoice No. is required.
7. Click the SAVE icon
8. From the Extended Menu, select Post Voucher, Approve Voucher (if required by your process), and Release for Payment
9. From the Extended Menu, select Apply Deposit.  A Select a Voucher window will open
10. Highlight a Voucher and click the Select button