Create supplier prepayment from bill
Suggest being able to turn a bill to pay directly into a prepayment or better yet a part prepayment.
The Bills to Pay function doesn't work well (at all?) for prepayments - if a draft bill is received there is no workflow to set it as a prepayment recognised by Xero (although you can set the account to debit as a prepayment). Suggest adding "Record as prepayment" to the bill options drop down.
Even better would be the functionality to record the bill as a part prepayment, many of our bills are for annual service delivery, therefore the bill will always have two parts - the expense for the current period and the prepayment for the next.
Extra points for including the ability to calculate the divison between periods!
Matthew Roy
shared this idea
Hi Matthew and Anthony, appreciate perhaps not as streamlined as you'd like here there is the ability to apply a prepayment to a bill.
In Xero, you would enter the bill to recognise the expense, payment itself would generally be recognised through the bank account when reconciling which is where you can create a prepayment and then apply the credit to the bill.
Alternatively, if you'd like to do this from the bills screen, you could use the create icon (+) in the top blue navigation and select Spend Money when redirected you'll want to switch the 'Spent as' to Prepayment from Direct Payment.
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Sarah Pickard
commented
It would be great to be able to identify bills you wants to prepay and easily create related journals. i.e. see the rates bill needs to be spread across 12 months, Xero creates a journal to move cost to prepayments on the balance sheet and create a repeating journal to release the cost monthly. I currently do this manually but it seems obvious for Xero to be able to create these journals with some easy input (i.e. number of months to spread cost over, confirm account code for released cost)
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Freya Pieroz
commented
I'd really like to create a prepayment that I can upload as part of a batch payment. One of my clients has recently become a Large PAYG Withholder, which means that the tax office needs to be paid with every payrun and then those payments are reconciled when the BAS is done. At the moment, I have to do each payruns' PAYG payment manually, and risk typos and clerical errors every time.
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Anthony Twist
commented
The ability to 'split' a bill that pays for current and future supply of services (i.e. Business Rates) SAGE has had this facility for a number of years? Bill received March for twelve month period. Ability to input as Prepayment - noting twelve month feed back of expenses to Expense account?