Finance teams often spend hours identifying prepayments, calculating release schedules, and manually posting month-end journals. It’s easy to miss adjustments, leading to discrepancies between the prepayment schedule and the balance sheet. We’ve built our new Prepayments App to solve this problem.
Our Prepayments App comes with two tools to help you automatically add invoices to your Prepayments Schedule, post journals back to your accounting software, and identify any imbalances.
1) Prepayments Suppliers & Invoices
2) Prepayments Schedule Audit
Prepayments Suppliers & Invoices
The first thing we help you to do is automate the creation of your Prepayments Schedule. We then automatically create Prepayment journals in your accounting software - including Xero and QuickBooks.
This saves you an enormous amount of time each month when updating your Prepayment Schedules.
How does the Prepayments App work?
Our Prepayments App identifies your Prepayment suppliers and invoices including which are new since you last worked on Prepayments.
Automatically suggest Policies for each invoice
Our Prepayments App automatically suggests Policies to distribute each invoice, including your Release Account.
Create Custom Release Policies
Our Prepayments App allows you to create custom release Policies that can be applied across multiple suppliers
Automatically create a Prepayments Schedule
Our Prepayments App automatically creates a Prepayments Schedule in Translucent that can be downloaded to a spreadsheet if needed.
Post the Prepayment journals to your accounting software
Our Prepayments App then allows you to post the journals back to Xero or QuickBooks Online, in one click.
Prepayments Schedule Audit
As well as helping you to automate and create your Prepayments Schedule, our Prepayments App also has a built-in schedule audit to help identify and quantify any imbalances.
This means you can always ensure your Schedules balance to your Balance Sheet.
How does the Prepayments Schedule Audit work?
See your Schedules month-by-month
The Schedule Audit shows you a month-by-month view of all your Prepayments.
Identify any imbalances
The Schedule Audit automatically identifies any imbalances and the value of the imbalance.
Identify what is causing the imbalances
The Schedule Audit identifies unallocated journals that are contributing to the imbalance to enable you to quickly and easily allocate them.
Post correcting journals to your accounting software
The Schedule Audit identifies the invoices contributing to the imbalance and creates & posts the required journals to fix it.
Do your Prepayments Schedules balance?
If you’re forever trying to balance Prepayment Schedules in your multi-entity business, then our Prepayments App will not only save you hours of time, but increase the accuracy of your Balance Sheet reporting.
.png)
