Using Purchase Advances in the Settlement Process

By Levridge staff | Updated: Mar 1, 2023 | Accounting | read

In release 2022 R2, Levridge has added support for purchase advances. Purchase advances allow you to prepay on a purchase contract for commodity deliveries. In Levridge, you can create as many advances as you need or want, and you are not restricted on how much you can advance. Additionally, Levridge purchase advances offer support for apply partners if your company utilizes them. The purchase advance creation form looks like this:

Purchase advance creation form

Once the purchase advances have been created and paid, they can be used in the settlement process. When settling, Levridge uses a wizard to streamline the process and reduce errors. One of the steps in the wizard prompts you to select the advances you want to use which then reduces the balance owed to the grower.

Commodity settlement wizard