Setting Start and End Dates for Prepayments for Efficient Processing

By Levridge staff | Updated: Apr 29, 2024 | Accounting , Ag sales , News , Product Updates | read

Within agriculture, sales prepayments play a crucial role in enabling growers to plan ahead and secure their resources for the upcoming seasons. Recognizing the unique needs of growers, our latest system update introduces a new feature – the ability to set effective and expiration dates on prepayment distributions.

Growers often make prepayments early in the year to either lock in favorable prices or strategically manage their tax liabilities. Imagine a scenario where a farmer pays in December for fertilizers needed the following spring. Levridge for Agriculture now allows them to specify an effective date for when that prepayment should come into effect and an expiration date indicating until when it can be utilized.

This feature ensures that prepayments are automatically applied to sales orders only within the specified timeframe. Whether it’s a restriction imposed by the organization or a strategic decision by the grower, the system respects the defined dates, preventing premature or delayed use of prepayments.

Standard window view of the new R3 feature, the effective and expiration date.

For added flexibility, you can retain manual control over the prepayment application process. Even if a prepayment falls outside its effective period, you can choose to apply it manually, with a system-generated warning providing an extra layer of caution.

Moreover, we empower you to modify the effective and expiration dates even after a prepayment is posted. This level of control allows for seamless adaptation to changing circumstances, reflecting the real-world dynamics of agricultural operations.

In summary, the effective and expiration dates feature not only enhances financial planning for growers but also ensures a coherent experience. By providing transparency and control over prepayment allocations, our system aims to simplify processes, allowing growers to focus on what they do best – cultivating a thriving agricultural future.