You can manage it by using the A/R aging report to show only prepayments.  Add an optional field to the customer master for the plan's balance, then customize the aging report to show the difference between the plan and the sum of prepayment total.

Thanks Jay, But this will only provide the Balance.

To manage the Payment Plan and query the following Payment Dates missed, expected payments per date etc

What if you created an invoice at the beginning with the full payment schedule, but sent the invoice to a clearing account, instead of revenue.  Once that 'invoice' is fully paid, then move the invoice amount from the clearing account to the Sales account as realized revenue.

Thank you Bob, But we want to keep and account for the prepayments.

The Prepayment Liability Account is different from Receivables Control Account.

At the end of the Month/Quarter/Year Aged Prepayments from A/R = Prepayment Liability Account in G/L which is very crucial to the business.

If Prepayments are applied to an Invoice the above equation disappears

We welcome more suggestions

In summary, how to manage a Collections Budget/Payment plan per Customer for their Prepayments without raising an Invoice against their accounts.

Kindly continue

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