MAT Finance - Auto Prepayments and Deferrals for Purchase Invoices
Finance > Procurement > Purchase Invoice
MAT Finance now supports automatic prepayments and deferrals at the point of posting Purchase Order Invoices, allowing income and expenditure to be accurately spread across multiple periods in line with DfE Chart of Accounts guidance.
This removes the need for manual journals and month-end calculations, streamlining the process. It is suitable for MATs of all sizes and provides full transparency through enquiries and reports.
Adding Prepayments
When on the Purchase Invoice screen, users with the relevant permissions will see the new Prepayment field.
The icons allow you to:
- Plus symbol: Add Prepayment Parameters.
- Pencil: View/Edit Prepayment Parameters (greyed out if no prepayment is present).
- Bin: Delete Prepayment Parameters (greyed out if no prepayment is present).
Clicking Add Prepayment Parameters brings up a window allowing you to enter prepayment details.
The default selection is Period Range.
You can switch this to Date Range depending on your needs and preferences.
After clicking Apply you will see a confirmation message in the top right of the screen.
Click the pencil to reopen the Payment Parameters pop-up and make any changes you need before clicking apply. The same confirmation message will show.
If you click the bin the prepayment details will be deleted and a confirmation will show in the top right of the screen. This will only delete the Prepayment Parameters. It will not delete the Purchase Invoice.
When all relevant details have been completed for the Purchase invoice you can click Post.
Click Continue to proceed with posting the prepayment.
A confirmation message will display in the top right of the screen.
The details of the prepayments will be clearly displayed in relevant reports.
This brings up the Prepayment Schedule. Users can also click individual Journal Numbers to go straight to that individual journal.
Additionally when going to Reports > Finance > Prepayment and Deferral Tracker Report, reports will now list Purchase Invoices.
Cancelling Prepayments
Config > Setup > Roles and Permissions
The Auto Prepayments option is new and will have to be enabled from the Finance module under Procurement > Purchase Invoice.