Prepaying an invoice

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Prepaying an invoice

Postby Richard_Levkoy » Wed Nov 28, 2012 9:38 am

I am relatively new to the Deltek Vision system, so not knowing its nuances, I naively tried something yesteday that has always worked in the accounting system I was using in my former job. But alas, it would not work in Vision. Here is the situation:

To get the accrual statements correct, I have started to designate the posting month in which I want invoices to be posted. For example, several of our landlords want our rent payments before the 1st of the month. So in the past we have paid the following month's rent in the current month. For example, December rent gets paid on November 25th. And health insurnace is the same way. December gets paid in November. So in the past, the accounts payable clerk would post December rent in November and December health insurance in November, and likewise with other invoices. So I asked her to post Invoices in the month in which they belong, and just pay them early. But when she went to pay them, they would not show up on her invoice list for payment in November. She could go to December and have them show up, but then the payment would get posted to December as well. What I want is for the check to be dated in November and the payment posted to November on a cash basis. The invoice would be paid before its posting month but that is what I want. I realize that it would create a negative accounts payable balance for the end of the month but I am OK with that. I could do a Journal entry to change it to a Prepaid Expense and then reverse it on the 1st fo the month. This one journal entry would be easier than entering numerous invoices as prepaid expenses and then reversing them with numerous expense accounts.

Thanks for any suggestions. BTW, I am in version 5.1, about to upgrade to 6.x. Will be upgrading to 7.x in the first quarter of 2013. Maybe the upgrades will take care of this problem, I do not know.

Richard
Richard Levkoy
Chief Financial Officer
CJL Engineering
www.cjlengineering.com
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Re: Prepaying an invoice

Postby meaglin » Wed Nov 28, 2012 10:08 pm

You can't fake Vision or use it like some other system. It is very "Period Driven".

To prepay any invoice, you have two options:

1. Rrecord the voucher in the current period you want to issue the payment. But record to a balance sheet account "Prepaid Rent", or other Prepaid account.
2. Pay the invoice when ready.

Once the new period is opened you have two options:

1. Create a recurring journal to credit prepaid rent and debit rent expense.
2. Do Voucher Adjustments to credit prepaid rent and debit rent expense.

Reporting is one of my areas of expertise in Deltek Vision. If I can assist you or your firm please contact me direct via E-mail or phone anytime...
Mel Eaglin
meaglin@vrsllc.com
Visionary Reporting Solutions
San Diego, CA 92109
http://www.vrsllc.com/
http://www.deltekvisionconsultant.com/deltekvisionblog
Phone: (858) 245-8956
"Skype Name: mel.eaglin"
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