What are Pre-Payments and how do I handle them?

Wise-Pay pre-payments occur when we receive money from a client but do not have an invoice to match the payment.

When this happens, Wise-Pay will automatically create a prepayment in Xero for this amount against the nominated bank account.

The Wise-Pay Prepayment account is a Current Liability Account:


It will appear in your Bank Account Transactions as a Prepayment - Unreconciled:


And on the Dashboard against Wise-Pay Prepayments:




You will need to locate the client in Xero, and verify if the Invoice has now, subsequently been received for payment:






The Wise-Pay Prepayment account should balance to $0.00.
To ensure that a client's payments are applied appropriately, we should be aiming for the Prepayment account to return to $0.00 as quickly as possible.


The final step is to reconcile the payment in the bank statement.
When the IntegraPay Batch Payment is received to your bank account, it will generally be a total of both Prepayments and Wise-Pay Clearing transactions.
Select: "Find & Match" and search for PP_