Wise-Pay Prepayments in Xero

If you would prefer to watch a video on how to handle your prepayments, watch the following Webinar

Wise-Pay "Best Practices" Webinar - Prepayments

If a payment is processed but the invoice does not yet exist in Xero, a Prepayment invoice will be created in Xero that can be applied to the invoice when it is eventually synced.

When you  receive a Prepayment from Integrapay you will  see it in your "Watch List".  It will be prefixed as PP_.

Where a payment deposit has a Prepayment and its corresponding Surcharge in it, you need to first apply the payment to that Prepayment and Surcharge.

Step 1:
In Xero, select  Find & Match and search for transaction with Prefix 'PP_' and it will find the transactions for you.

Please note:Searching by PP_ will show the transactions, providing that the Wise-Pay "Prepayment Bank Account" is set to the right account, if it is not, then the prepayment won't show when you search for PP_ in the bank account, if it has been created in a different bank account to where the funds were deposited.

Step 2:
Select the PP transaction and corresponding Surcharge, that match the payment amount.

Step 3:

Select OK.  

Step 4:

You will now see that the transaction will be cleared as it has now been reconciled.

Any balance that is remaining you will then need to push through into the Wise-Pay Clearing account as follows:

Find the Wise-Pay/Integrapay Deposit you want to reconcile.

1.  Choose Create and enter the following information:

2.  Who- Wise-Pay

3.  What- xxx Wise-Pay Clearing Account 

4.  Why- Bulk Deposit

5.  If all matches, Select the OK button. 

Other things to note

Prepayments should not be processed in the same way as Overpayments. Read more about overpayments at What are Overpayments in Xero.

In addition, it's also a good idea to get a better understanding of how prepayments behave please see the following articles. 

Prepayments- What are they?

What are Pre-Payments and how do I handle them?

Watch the Wise-Pay "Best Practices" Webinar - Prepayments for more information.

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