Ashley works 40 hours a week and is paid a weekly salary for those 40 hours. As a covered, nonexempt employee, Ashley must be paid a minimum weekly salary of $290 in order to meet the statutory minimum wage requirement. The minimum wage does not always have to be paid in monetary terms.
DEFINITION of 'Prepayment'. The satisfaction of a debt or installment payment before its official due date. A prepayment can be for the entire balance or for any upcoming payment that is paid in advance of the date for which the borrower is contractually obligated to pay it.Examples of a prepayment come in the form of rent or early loan repayments.Next Up.EFINITION of 'Prepayment'. The satisfaction of a debt or installment payment before its official due date. A prepayment can be for the entire balance or for any upcoming payment that is paid in advance of the date for which the borrower is contractually obligated to pay it.
Customer Prepayments and Deposits. The most efficient way to record a customer deposit or pre-payment is: 1. Receive payments as usual (Customers > Receive Payments). Because the invoice has not yet been created, the prepayment amount will remain unapplied. This will then show as a credit in Accounts Receivable for the customer.