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Prepayment allocation doesn't work for us as the dates are incorrect.

We use prepayments to log client funds received. When an invoice is raised for the client, we then allocate these funds to the invoice on a certain date when the client agrees.

Prepayments in Xero behave in one of two ways: log the date the prepayment was allocated as either a) the date of the prepayment or b) the date of the invoice. Neither is correct.

I would request we have a further option to add a custom date of when the prepayment was actually allocated.

We have frequent problems that when pulling month end reports that prepayment allocation is dated in the wrong month so our reporting position is always wrong. This is a problem for month end and also year end.

Workarounds from support to create manual journals or use suspense accounts are long winded. You should be able to allocate a prepayment with the date you decide to allocate the funds, just like with payments.

I hope this is a simple fix for Xero to implement.

I originally raised this 8 months ago so I hope someone reviews this without proposing more workarounds.

Thank you.