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Unpaid prepayment
March 27, 2023
Q. I need to understand the impact of unpaid prepayment at month end. Should AP cancel invoices that are already approved and recorded to Prepayment General because the invoice is not paid? What is best practice for unpaid prepayments?
A.
(Answered by the IOFM Advisory Panel)
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We set a policy that we do not send prepayments on the last week of the month. We make sure they are all paid before month end.
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Here is my organization's policy for handling this issue:
Invoices that are…
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