Settings and activity
1 result found
-
96 votes
An error occurred while saving the comment An error occurred while saving the comment Chris Moody commentedI take advance payments from my clients on all transactions and also make advance payments to suppliers. I am UK based and all my business is in Euros so for me this is a critical issue.
For @JoshuaWelch below, I currently create a bill and a credit note for the prepayment and then remove the credit allocation from the invoice. When we make the payment we now have a credit with the supplier. When the bill us for any transaction we simply apply the credit to their invoice.
Chris Moody supported this idea ·
Two possible resolutions. We take prepayments in Euros which is not our base currency, which is GBP.
We do it by issuing a credit note to the client, and removing the allocation against the invoice. When they pay the invoice they now have a credit balance, against which we credit future invoices.
Clunky but it works. It does give you a negative accounts payable and receivable, but we’re used to that.
Alternatively move to a system called Iplicit. More expensive but much more powerful.