Over Advanced on a Contract

Repayment on an over advanced contract

Due to market prices, changing contracts may be over advanced and will require the customer to pay money back towards the advance.

Here are the recommended steps to create an invoice for an over advanced contract:

Example

Advance settlement was done on a 5000 bu Basis contract for 80% with the contract price of 6.00

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Customer is over advanced on a contract and writes a check to repay the advance.

1. Go to GRN > Settlements > Settlements > Produce a Settlement > 2) Advance Settlement

2. Blank out the Current Cash Price

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3. Blank out the Delivery location and enter the contract number if available

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4. Select the delivery sheet

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5. Leave the price field and Advance field blank and enter a NEG amount in the Advance Amount.

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6. Change the other Deductions to a 4 = No Additional Deductions

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7. Update/Print Settlement

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8. Select 3) A/R Invoice

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9. Finish the settlement and print each form

The last step is to go to ACR > Payments/Prepayments > Enter Payments Received > apply the check

If you’d like to learn more about this functionality or workflow, please contact Greenstone Support at 800-366-2474 or mysupport@culturatech.com and reference this Knowledge Base Article.