About customer advances
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Use Accounts Receivable advances to record an advance payment from a customer. If your company is a multi-currency company, you can create and calculate the advance in the received currency directly in Sage Intacct.
How advances differ from other payments
Ordinarily, you create an invoice before you receive a customer payment, so you can apply that payment to the invoice. However, you can use the Receive Advances page to receive a payment from a customer without having first created an invoice. For example, use this page to record a prepayment or retainer.
After the invoice is added, you can apply the advance credit to the invoice on the Receive Payments page.
In shared multi-entity companies with multiple base currencies, you can receive and record advances at the top level and at the entity level. At the top level, you must include the base currency and the transaction currency.
Advances configuration options
On the Configure Accounts Receivable page, you can define the following settings for customer advances:
- GL account mapping: Specify which general ledger account customer advances are posted to.
- Summary frequency: Set how frequently customer advances are batched.
- Multi-currency support: Enable support for foreign currency advances, invoices, and adjustments.
- Document sequencing: Set up a document sequence that Sage Intacct will use to generate unique payment IDs when customer advances are posted.
