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I want to reflect prepayments in the Asset section of my Balance Sheet.
I want to be able to reconcile prepayments with my Bank Account.
What is the best way to do this so I can achieve both?
I cannot select the posting account on the Vendor Payment – so it will always post to AP, but I don’t consider this a liability debit, it is a current asset debit.
Odoo has a Prepayments account to manage this as well as a Prepayments section on the Balance Sheet.
First, create a Vendor Bill using either a prepayment service setup to book to the Prepayment account, or just book directly to the account:
At this point your Balance Sheet looks like this:
Register a Payment (a regular Vendor Payment) against this Bill, at this point your Balance Sheet looks like this:
Since you have a regular Vendor Payment, you can reconcile it with the Bank Statement.
The Accounts Payable account was used, temporarily, to post the balance existing between the time of validating the Bill and registering the Payment:
At the time you want to use the Prepayment, create a Manual Journal entry to move it back to AP to use:
At this point, you will see it below the Bill (in this example our prepayment was just over 40% of the Bill sent with whatever we prepaid for) and can apply it to reduce the balance:
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