Solution:

This article will explain how to identify prepayments on Aging Report.

Prepayment checks will result in a prepayment debit memo that must be applied to an invoice at a later time. The As of Aging report reflects prepayments as a negative amount based on the check date used.

Example

A prepayment check for $100 with the date 01/01/05 will appear on the As of Aging report as “-100” with the date of 01/01/05 (this date refers to the invoice date, post date, due date). This negative amount will remain on the reports until the Prepayment Debit Memo is applied to an invoice. The date used for applying the debit memo will determine the date it will no longer appear on the As of Aging reports. For example, if the prepayment debit memo above is fully applied to an invoice using the date 02/01/05, the negative amount will appear on As of Aging reports up until 01/31/05. It will not appear if using an as of date of 02/01/05 or later.

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