Types of Prepayments? And difference between them?

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Types of Prepayments? And difference between them?..

Answer / guest

there are two types of prepayments

Permanent
Temporary

If you make permanent prepayment u cant apply it to any
invoice

If you make Temporary prepayment to close the transaction u
have to apply it to an invoice

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Types of Prepayments? And difference between them?..

Answer / raghu kalavendi

Two types of Prepayment

Permanent Temporary

Cannot adjust to invoice an be adjusted to invoice

Can be converted to Temporary Can be converted to Perm
if no adjustment exists

For a prepayment to be adjusted it has to be fully paid.

Multiple installments are supported

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Types of Prepayments? And difference between them?..

Answer / yoga reddy

There are two types of prepayments:
Temporary and Permanent.

Temporary prepayments can be applied to invoices or expense reports you receive.
For example,you use a Temporary prepayment to pay a hotel a catering deposit. When the hotel's invoice arrives, apply the prepayment to the invoice to reduce the invoice amount you pay.

Permanent prepayments cannot be applied to invoices.
For example, you use a Permanent prepayment to pay a lease deposit for which you do not expect to be invoiced.

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