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Wednesday, July 31, 2013

Vendor Prepayments in Infor VISUAL

Did you know that you can set up a function to prepay vendors in VISUAL?

One-time Setup:

To enable the prepayment function, the following must be in the Visual.ini file (or in Preferences for the user in Visual 7.x and beyond):

[Visual Financials]



1. Create a PO and save it.

2. Create an AP voucher for the desired prepayment amount. Insert a line for the prepayment amount. Reference the PO you are prepaying in the Order column. The system will insert your default Purchase Receipts Accrual account for you. You need to change this to an appropriate g/l account such as Vendor Deposits or Prepayments, for example. If you leave the Purchase Receipts Accrual account on the prepayment voucher, this will cause issues with reconciling your Purchase Receipts Accrual.

3. Save, post to GL, and pay this voucher to the vendor.

4. When goods are received, the Warehouse will perform the receipt process. They have no knowledge of the prepayment, and they don’t need to. Nothing will look or act any differently.

5. When the AP clerk receives the vendor invoice for goods received on the PO, begin creating the voucher just like any other. The total of the voucher header should be the NET amount owed for the PO, the PO total less your prepayment. Use <F6> to link this voucher to the receipt. When you have selected the PO and receiver, click OK. The system will place the receipt lines in the voucher detail table, and also include a line for the prepayment as a deduction from the amount owed. 

6. Save, post, and pay this voucher using your ordinary processes.

By referencing the same PO number on the prepayment as you do on the final voucher, the system will recognize it when you create the F6 link at the time of final invoicing.

This tip was brought to you by VISUAL Consultant, Kurt Carr

Friday, July 12, 2013

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