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 everyone, thanks for sharing your examples and adding your support to this idea.
As noted in my last update - The ways you can record a supplier prepayment and later allocate it to a bill right now are;
- From bank reconciliation, choose Create > Add details, then change Spent as to Prepayment and select the supplier.
- Starting in the bills area, you could use the + menu in the blue banner. Then follow the same steps above to switch to a Prepayment type transaction
I want to be open that right now we don't have any plans for adding the ability to create a prepayment directly within the Bills experience. There are also broader requests in more recent feedback that we have existing ideas for:
If any of these would help your processes, please add your vote to the relevant idea/s.
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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?