Create a Prepayment in Oracle Payables

Overview

You are required to pay $2,500, in advance, for a banquet your company is planning.  Your supplier has sent an invoice for the deposit.  Enter a prepayment type invoice to pay the deposit to your supplier.

Enter a Prepayment

Responsibility:  Payables, Vision Operations (USA)

1.    Navigate to the Invoices window

-        (N) Invoices > Entry > Invoices

2.    Enter your Prepayment invoice:

-        Type = Prepayment

-        Trading Partner = XXIBM Corporation

-        Site = SAN FRANCISCO

-        Invoice Date = Today’s Date

-        Invoice Num = PP11000

-        Invoice Amount = 2500

-        Description = Deposit for Sales/Customer Banquet

-        Prepayment Type = Temporary

-        Settlement Date = Today’s Date

-        Payment Method = Electronic

3.    Enter the Prepayment invoice line:

-        Type = Item

-        Amount = 2500

Note that the distribution line is automatically generated to the Prepayment account.

4.    Validate the Prepayment.

-        (B) Actions

-        Validate = Checked

-        (B) OK

Note that the status of your invoice is Unpaid.

5.    Pay the Prepayment.

-        (B) Actions:

-        Pay in Full = Checked

-        (B)OK.

6.    In the Payments window, enter the payment information.

-        Type = Quick

-        Bank Account = XXAP Disbursement

-        Payment Date = Today’s Date

-        Document = Electronic

-        Payment Process Profile = US NACHA Generic

-        Remit To Account = your Supplier Remit To Account

7.    Save your Work.

8.    Navigate to the Invoices window

-        (N) Invoices > Entry > Invoices

9.    Find the Prepayment Invoice.

-        (M) View > Find

-        Supplier Name = XXIBM Corporation

-        Invoice Type = Prepayment

-        (B) Find.

Note that Invoice Status = Available