EXEControl Global Solutions recently enhanced EXEControl’s ability to record and manage vendor prepayments.


The following summarizes the new procedures:


Prepay by check:

  1. Create a purchase order for the products you are purchasing as normal.
  2. When creating the check payment in EXEControl, reference the purchase order the prepayment is associated to in the PO field on the detail screen.
  3. When invoice(s) for the purchase order are recorded in EXEControl, EXEControl will automatically apply the associated prepay to the invoice. Prepayments will be applied up to the amount of the invoice, but not exceeding the total available prepayment amount.
  4. Manual adjustments to the amount of the prepay being applied to specific invoices can be made using manual check adjustments. The manual check adjustment would need to reference the invoice and the prepay invoice created by the system.
  5. When in the check writing center, the system will show outstanding prepays in light green to indicate that the line is a prepay.
  6. When running the Accounts Payable Aging report, there is a new filter to exclude prepays from the report.

Prepay by credit card:

  1. Create a purchase order for the product you are purchasing as normal.
  2. Use the credit card sub-screen on the purchase order to record prepayment.
  3. Follow steps three through six above.


Note: If you wish to have a separate GL asset account to track these prepayments, this will need to be set up on the company record.


To learn more on how to take advantage of these system enhancements, please email sales@execontrol.com.