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AP Open Prepayment Invoice Migration


AP Open Prepayment Invoice Migration

Migration Condition:

  • Available prepayment Balance only.
  • One Invoice line for invoice header as balance will be captured in Trail balance of GL.
  • Load in the month of cut over (Go Live minus 1)
  • Payment of prepayment invoice using dummy bank account to make it available for application.
  • Create Accounting for Invoice and Payment and  Post to GL & Reverse the same.


Accounting Impact of Migration:


Actual Transaction from Legacy system:

Type
Debit
Credit
Prepayment
*

Liability

*

Paying the prepayment in Legacy:

Type
Debit
Credit
Cash

*
Liability
*


Prepayment Partially Applied to an Invoice in Legacy system:

Type
Debit
Credit
Prepayment

*
Liability
*

Item expense
*

Liability

*


Open prepayment Migration

Type
Debit
Credit
Prepayment
500

Liability

500

Paying the open prepayment:

Type
Debit
Credit
Cash

500
Liability
*500


and then reverse the Invoice and Payment for Prepayment Invoice, in such case whenever the prepayment is applied to any open invoice it will generate below accounting entry and prepayment balance will be knocked off.


Type
Debit
Credit
Prepayment

*
Liability
*

Item expense
*

Liability

*
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