Prepayment tracking without using 3rd party software

[hscheper]

Hi all,
We are a marine transportation company which has changed our payment policies from payment when delivered to prepay before loading.

Currently customer's call and receive an estimate of the cost based on what information is provided. We then input this into an SR with a status of 520/524. indicating a "Prebooked" SR. When customer cargo arrives in port, we weight/cube the cargo and then call customer with actual costs. We then update the "Prebooked" SR with the actual weights/cubes and costs and add a header attachment indicating if the SR has been paid and how (CC, Cash, etc). Before loading the cargo, this header attachment is checked to confirm that the order has been prepaid and is ok to load.

Since the SR is not transferred to AR until shipment loading is complete, we take the cash into AR as "unapplied" and mark the SR # in the AR description 2 field. The AR department then has to manually look thru the system looking for items that have been shipped in order to applied the payment to the SR after SR is transferred to AR.

The key problem is attempting to report on how much cargo has been prebooked and prepaid. Currently we run a report which scans the SR's and attempts to match the AR Description 2 field. This works, but depends on user's inputting the information in exactly the same way every time!

Is there another way around this without using a 3rd party processor per the manual (Prepayment processing)?

Sorry for the description, but this is not my area of expertise.
Thanks for your help!!

Harry

 

[clmates]

Hi.

We are a Manufacturing company, but we use a lot of pre paid sales also.

what we do.

create an SQ (1) to quote the client.

The client pre pay a percent (range from 30% to 100%)

Our AR aprove the Quote, and request the Sales people to transform into an SO (1) and get the SO number

Our AR people Register the RU giving the SQ and SO numbers

Then our Sales People generate a New SO (2) to Invoice the Prepayment (in Spain you have to invoice it if you are not sure to deliver the sale in the same fiscal period).

And our Sales people, then Alter the SO (1) (that comes from the SQ), adding a C1 line for the same amount of the prepayment)

Thus, you have pre matched in sales the prepayment to the sales, and when all SO hits AR, they have been matched, then you can generate receipts for all Invoices and compensate the RU during the receipt generation.

Of course that we use 2 special items (non inventory), to generate the Prepayment Invoice, we call the item ANTICIPO) , and CANTICIPO for the compensation in the Sales SO (1). Both items goes against the same financial account that the RU and does not alter sales revenue accounts.

In this way we get our acounting to match our sales and our sales to get real sales quantities and not get altered by the prepayments

Hope this Helps