How do I create a voucher for prepaid orders?

The pre-payment of purchase orders can be handled as follows:

  1. Create a purchase order for the vendor and goods to be received.
  2. Then create a miscellaneous payment for the pre-payment, choosing the option to create a credit memo. (This way you can put in the notes that the payment was for the purchase order created above.) This will allow you to pay your supplier. From an accounting standoint, the transaction will debit the prepaid account and credit the cash account.
  3. Receive the items on the purchase order, as you normally would.
  4. When you receive the vendor invoice, voucher for the total amount of the goods received.
  5. Post the voucher.
  6. Once the voucher is posted, apply the credit memo to the pre-payment. This will clear the prepaid account and record the voucher/invoice as paid.
  7. If an invoice is not received from the vendor, then you will have to voucher an invoice as if you did receive it.
  8. The vouchering of the order allows for the last actual cost to be properly updated.