Entering a Prepayment for Inventory Item

Overview

Use this job aid to enter a prepayment for inventory item. Performing this job aid creates a prepayment for a specific inventory item . This payment type can only be applied to line items on item invoices for the specific inventory item number. This payment type may be reclassified to generic prepayment for application to any other invoice transaction. The Prepayments On Inventory Item type may "lock in" or guarantee the final selling price of a specific item to the selected customer.

To enter a prepayment for inventory item:

1. From the Toolbar, click Accounts Receivable.
2. From the Accounts Receivable menu, select Payments/Prepayments, and then select Payments/Prepayments.
3. Select Enter Payments Received.
4. The Location Code identifies the document location where the payment is maintained. To use a different location, click Lookup or type * and press Enter, and then select the location, or type the location code you want to enter the payment in.
5. In the Name Id box, click Lookup or type * and press Enter, and then select the name id you want to apply a payment to, or type the name id that you want to apply a payment to
6. In the Payment Date box, the current processing date defaults. Change this date if necessary by typing over the current date or use the Calendar Icon
7. In the Postmark Date box, change the date if necessary by typing over the current date or using the Calendar Icon. The postmark date is used to qualify the cash receipt for the anticipated early payment discount. If postmarked on or before the discount date, the payment discount is allowed. If the postmark date is after the discount date, the early payment discount is disallowed (lost).
8. In the Bank Code box, a bank account may be automatically updated with each cash receipt entered in Accounts Receivable. The Bank Code box displays only if specified in Setup Information and if the Agris Bank Management System is integrated. The bank code is used by SJI with the PM transaction code to cross-reference the ledger account to update in the General Ledger system. box, the default bank code displays. In the Payment Date box, the current processing date defaults. Change this date if necessary by typing over the current date.
9. Click OK.
10. In the Deposit Number box, the default deposit number defaults in. This number is used for grouping cash receipts together for reporting purposes. Suggested coding schemes include a pre-numberd deposit slip or the date.
11. In the Remark box, type a remark about the prepayment.
12. Click OK.
13. In the Receipt Number If the Receipt Number box is set to allow user-override in Customize, this box is open for entry. The source and the type of document number to default is set in Setup Information. If the Receipt Number box is not set to allow user-override, the receipt number is not open for entry and the next screen is displayed immediately. box, the default receipt number displays. To use a control number, delete the current number and click OK.
14. Click OK.
15. Select Prepayment for Inventory Item.
16. Select 1 for Protected Price, or select 2 for Protected Level And/Or Schedule, or select 3 for Flat Amount, or select 4 for Prepay Per Unit, No Protected Price.
17. If you selected Protected Price, perform Steps 21 - 35.
18. If you selected Protected Level And\Or Schedule, perform Steps 37 - 44.
19. If you selected Flat Amount, perform Steps 46 - 51.
20. If you selected Prepay Per Unit, No Protected Price perform Steps 53 - 65.
21. In the Item Number box, click Lookup or type * and press Enter, and then select the item number, or type the item number you want to enter the prepayment for.
22. Click OK.
23. In the Default Price From Level/Schedule box, type in the customer’s default price level or schedule Price levels and schedules are set up in inventory and associated with an item or product category. This allows special pricing for customers.
24. Click OK.
25. In the Quantity box, type an optional amount that limits the number of units of measure to which this prepayment can be applied. The quantity typed in this field is used with any applicable price schedules in calculating the protected price. If you leave the Quantity box blank, the Protected Price box and the Prepaid / Unit input box are not applicable.
26. In the UOM box, the default selling unit of measure of the selected inventory item displays. A different unit of measure can be selected by typing over the default unit of measure or clicking on Lookup and selecting the correct unit of measure.
27. Click OK.
28. In the Protected Price the price is a guaranteed final selling price per unit of measure, which replaces the price level, a calculated price from a price schedule, a promotional price, or an overridden unit price. box, the default calculated selling price, based on either the quantity entered above and applicable price schedule or the selling price level (wholesale or retail) for the selected inventory item displays. The default selling price may be overridden, as necessary.
29. In the Per unit of measure box, the default sales unit of measure for the selected inventory item displays. This unit of measure may be overridden by clicking on Lookup and selecting the correct unit of measure. If the Per unit of measure is overridden, the Protected Price, Prepaid / Unit, and Prepaid Amount fields must be adjusted.
30. In the Prepaid / Unit box, the default calculated cash receipt amount per unit of measure displays. If the customer partially prepays the protected (guaranteed) price, type the amount prepaid per unit of measure in this box. The difference between the protected and prepaid / unit prices is due according to invoice terms.
31. In the Prepaid Amount box, the default calculated cash receipt amount displays. This amount is the total amount of the prepayment or the extended amount of the transaction (Quantity times Prepaid / Unit). If the Prepaid / Unit input box is overridden, the Prepaid Amount box must be adjusted.
32. If the selected inventory item is defined to include sub-items, the Protected Price, Prepaid / Unit, and Prepaid Amount boxes default to zero.
33. In the Check Number box, type the optional customer's check number or the word "Cash". This information prints on the A/R Payment Reports and appears on various inquiry screens.
34. In the start date and expiration date boxes, add dates if necessary.
35. Click OK. Continue with Step 66.
36. If you selected Protected Level And\Or Schedule, perform Steps 37 - 44.
37. In the Item Number box, click Lookup or type * and press Enter, and then select the item number, or type the item number you want to enter the prepayment for.
38. Click OK.
39. In the Prepaid Amount box, type the exact amount of the cash receipt.
40. In the Protected Price Level box, type in 1 or 2 for the customer’s default price level. Type in 0 to override the price when applying the prepay during invoice creation.
41. In the Protected Price Schedule box, type in the customer’s default price schedule.
42. In the Check Number box, type the optional customer's check number or the word "Cash".
43. In the start date and expiration date boxes, add dates if necessary.
44. Click OK. Continue with Step 66.
45. If you selected Flat Amount, perform Steps 46 - 51.
46. In the Item Number box, click Lookup or type * and press Enter, and then select the item number, or type the item number you want to enter the prepayment for.
47. Click OK.
48. In the Prepaid Amount box, type the exact amount of the cash receipt.
49. In the Check Number box, type the optional customer's check number or the word "Cash". This information prints on the A/R Payment Reports and appears on various inquiry screens.
50. In the start date and expiration date boxes, add dates if necessary.
51. Click OK. Continue with Step 66.
52. If you selected Prepay Per Unit, No Protected Price perform Steps 53 - 65.
53. In the Item Number box, click Lookup or type * and press Enter, and then select the item number, or type the item number you want to enter the prepayment for.
54. Click OK.
55. In the Default Price From Level/Schedule box, type in the default price level or schedule for the customer. Price levels and schedules are setup in Inventory and allow special pricing for customers.
56. Click OK.
57. In the Quantity box, type an optional amount that limits the number of units of measure to which this prepayment can be applied. The quantity typed in the this field is used with any applicable price schedules in calculating the protected price. If you leave the Quantity box blank, the Protected Price box and the Prepaid / Unit input box are not applicable.
58. In the UOM box, the default selling unit of measure of the selected inventory item displays. A different unit of measure can be selected by typing over the default unit of measure or by clicking Lookup and selecting the correct unit of measure.
59. Click OK.
60. In the Prepaid / Unit box, the default calculated cash receipt amount per unit of measure displays. If the customer partially prepays the protected (guaranteed) price, type the amount prepaid per unit of measure in this box. The difference between the protected and prepaid / unit prices is due according to invoice terms.
61. In the Prepaid Amount box, the default calculated cash receipt amount displays. This amount is the total amount of the prepayment or the extended amount of the transaction (Quantity times Prepaid / Unit). If the Prepaid / Unit input box is overridden, the Prepaid Amount box must be adjusted.
62. If the selected inventory item is defined to include sub-items, the Protected Price, Prepaid / Unit, and Prepaid Amount boxes default to zero.
63. In the Check Number box, type the optional customer's check number or the word "Cash". This information prints on the A/R Payment Reports and appears on various inquiry screens.
64. In the start date and expiration date boxes, add dates if necessary.
65. Click OK.
66. Click Insert to add another line to the Prepay or Click Delete to delete a line from the Prepay
67. Click Save/Exit when finished adding line items to the Prepay.
68. At the Print A Cash Receipt For This Payment Now? prompt, click Yes.
69. Select the type of form to print.
70. In the Printer box, type the number associated to the place you want your report to print.
71. In the Copies box, type the number of copies of the report you want to print.
72. In the Pages From and To boxes, type the page number range you want to print the report for. Leave the boxes blank to print all pages.
73. Click OK.

Learn more about Entering Prepayments feature:

• Entering a Prepayment for Item Description
• Entering a Prepayment for Inventory Item
• Entering a Generic Prepayment