Setting up Prepayment Invoices
Prepayments are used when goods or services have already been paid for, but the full benefit of these goods or services is realised in the future. For example, an annual insurance policy could be paid as a lump sum, but the policy typically covers 12 monthly periods. In this circumstance, you need to ensure that the cost is correctly reflected across the accounting periods when the benefit is received. This is achieved by posting a prepayment. For more information, please see Overview Of Prepayments.
If prepayment invoices are required, you need to define the following user fields:
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In the Detail Userfields section of the Invoice tab, select Userfield 1.
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Enter Date Range in Title, select Text from the Validation Type drop-down list, then select Carry Forward.
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Next, select Userfield 2. Enter Prepayment in Title, select Text from the Validation Type drop-down list, then select Carry Forward.
Carry Forwardmust be selected to ensure that the information is subsequently posted in the POIN document in IRIS Financials.