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Produce Inventory Control System

Looking for produce industry specific software that’s efficient and easy to use? You’ve found it here. Learn more…
You are here: Home / Your FAQs / Can PICS Handle Prepaid/Advance Payments or Fees?

Can PICS Handle Prepaid/Advance Payments or Fees?

June 15, 2021

yes!Yes, PICS can! In the event that you ‘Prepaid’ and/or sent an Advance dollar amount to a supplier, you will want to record this in PICS. Here is a typical scenario:

You’ve ordered product from a supplier and they request an advance of monies prior to them shipping the product. In our example below, we will be ordering a quantity of 1176 apples at a price of $25.00/case. You wish this advance/prepayment to be recorded throughout PICS (from the PO through to Accounts Payable). The commercial invoice for this product is $29,400.00 and the supplier requests 30% advance of the commercial invoice ($8,820.00). We recommend the following:

Create two Costing Charges: one to record the advance/prepaid “charge” and the second to reverse this at the time of receiving. If your organization uses A/P Charge Types then you will need to set up A/P Charge Type records before creating these costing charges. From an accounting perspective, these funds are treated as an asset since you’ve partial paid for something that you have not received yet and if this purchase was to be cancelled; those monies would be owed back to you. So when setting up these costing charges; you would probably want to ensure that the postings were going to an Asset Advance/Prepaid G/L account.

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To continue reading, press F1 when you’re logged into PICS Help and search for Handling Prepaid/Advance Fees – or for non-PICS customers, click here to schedule your free demo of our Produce Inventory Control System (PICS) software today!

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