I have been tossed into the finance world and have found an issue on the Adv. Pay Balance Report. When a credit card payment comes in (prior to receipt of the PO), our AP has been entering this as an advanced bill AP. She would always put this as the invoice total, but DID NOT adjust the PO amount to reflect these variances. She would then process the normal AP invoice to match the advanced billing.
This has resulted in a 286k balance on our advance payment balance report becuase PO’s have been off by a few dollars.
How in the world would I clear this? These additional variance amounts are not owed and the AP has officially been cleared. but this is open for YEARS.
any help? Should we go back through and open the PO s and update the price to get it to stop showing a variance? what effect will this have on financials?
I’m also not very strong on the financial side of Epicor… but I’ve had to do this a couple times in the past. Below are my notes on clearing balances on the Advanced Payment Balance Report.
I suggest attempting this in your PILOT environment to see if it works for you:
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To clear balances on the report that are positive, you need to do a debit memo with an advance billing line and reference the PO and line number.
To clear balances on the report that are negative, do an invoice for that amount (since the debit memo won’t let you do a negative).
Note: whereas the debit memo pops in the amount by itself, the invoice (for that negative advance) does not, so you have to type it in by hand in the Ext Amount for the line (NOT the Less Adv Pay amount)
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Again… its not something I’ve done recently, or often… so, please test these approaches. But, fingers crossed for you. If this does work… it sounds like you have some work ahead of you if you have years of balances to clear.
