Processing prepayment balance deductions

Overview

Prepayments are amounts that the user can pay in advance. They are collected in the Prepayment section on its specific Unit page. That Unit's rent is deducted from this balance according to the billing cycle automatically.

Collecting prepayments

In Storeganise you may add additional prepayment to an invoice that has already been generated as long as it is in the 'Draft' state.

Steps

1. Navigate to the invoice you'd like to use for additional prepayment collection. Click on the + icon in the upper right corner.

2. Choose 'Collect prepayment'

3. Enter the prepayment period. You may also add a discount if you would like.

4. Confirm that it the necessary line items have been added to the invoice.

5. The prepayment has now been added to the unit rental 'Prepayment' account.

Prepayment balance deductions

Prepayment balances are only automatically deducted when an autogenerated invoice charges rent and auto applies a debit amount equal to the rent as another line item

Manual deductions

To make deductions from the prepayment amount for other charges or services a manual debit line item would need to be created on a manual invoice.

Steps

1. Navigate to the invoice section on the Units page.

2. Click on the "+" icon to create a manual invoice. Choose the invoice date and then click on "Create invoice".

3. Click on the "+" icon to add a charge or a discount from the list or create a custom charge.

4. Create another charge but select prepayment in the type section and the prepayment accounting code. Add a negative value equal to the previous charge or charges to deduct it from the prepayment balance.

5. The deduction will also be shown in the prepayments section.