IOU Advance Payment

📋 IOU Request Management

Create and manage IOU requests with amount, purpose, required date, and expected settlement date.

✅ Approval Workflow

Multi-stage workflow: Draft → Submitted → Approved → Paid with approve, reject, and reset actions.

💰 Automatic Advance Payment

Automatically generates advance payments upon IOU approval with correct vendor and journal settings.

🏷️ Advance Payment Flag

Special flag to distinguish IOU advances from regular vendor payments.

📊 Accurate Accounting Entries

Posts journal entries to Prepayment accounts instead of expense accounts.

🏦 Bank & Cash Integration

Supports bank and cash journals with manual or configured payment methods.

📝 Full Audit Trail

All actions are logged in the chatter including approvals, payments, and journal postings.

🔗 Smart Navigation

Smart buttons to quickly navigate between IOU requests, payments, and journal entries.

The IOU Advance Payment module simplifies the process of managing employee cash advances (IOUs) by providing a complete workflow from request submission to payment posting and accounting entries. Employees can request advances for official purposes such as site visits, travel, or emergency expenses. Managers can review and approve requests, after which the system automatically generates an advance payment and posts accurate journal entries to prepayment accounts.

Screenshots

IOU Request Form

Approval Workflow

Advance Payment

Journal Entry Form

Journal with Debit and Credit

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