Close an advance letter

If you don't draw or fully utilize an unpaid advance letter, you can close it. The function for closing the advance is available from the Sales Advance Letters or Purchase Advance Letter pages by using the Close Advance Letter action. You don't close advances from the advance history entries.

To close an advance, follow these steps:

  1. Select the Lightbulb icon to open the Tell Me feature icon, enter Sales Advance Letters or Purchase Advance Letters, and then select the related link.
  2. Open the advance letter card.
  3. Select the Close Advance Letter action.
  4. In the Advance Payment Close dialog, you can specify the date on which to close the advance. Closing triggers VAT settlement and creates a VAT Close entry for the advance VAT credit memo. From the VAT Close entry, you can print the VAT credit memo. Both the Close and VAT Close entries use the number series defined in the advance letter templates in the field for advance Letter credit memo number series.

The unused part of the advance transfers to the customer's balance as an open customer ledger entry.

When you close the advance, a negative Initial Entry is automatically created so that the remaining payable amount of the advance is zero (initial original entry minus payments plus closing amount).

Advance Payments for Czech Republic (Extension)
Czech Local Functionality
Finance