Friday Feature - Final Payment
We are about to enter Year End for school business. This is a time when expenditures and revenues cross fiscal years. It is a time when decisions need to be made: which requisitions will be accrued, carried forward to the next year or closed. One of the ways Escape Online helps you manage this process is through the use of the Final Payment flag for vendor requisitions. With one click of the mouse, you can signal that this requisition has received all of the payments that it is ever going to receive. Escape Online takes it from there.
If you mark a payment as final, Escape Online releases any unused liability amount(s), adjusts the account amounts to reflect the actual payment account amounts, sets the requisition total amount to the sum of all payment amounts and updates the requisition adjusted amount by any difference between the original total amount and the payment total amount. And, finally, changes the status of the requisition to “Complete.”
That's pretty awesome for a single flag!
But that's not all. Escape Online tries to help you set the flag at the right time! If the sum of all payments for a requisition (including the one you just entered, but not including any that have been denied or cancelled) is greater than or equal to the requisition amount and you did not flag the payment as the final payment, the payment will be put on hold and the message “Final Payment?” will be written to the Status Comment field.
This handy-dandy little flag allows you to easily make partial payments and even keep a requisition with a zero balance open so that you can process it on your year end list!