An over advance is money lent to a client beyond what their invoices support – a short-term top-up, repaid over time rather than recovered from a single invoice.
Before you start
Over Advances are optional per factor and must also be enabled on the client profile (Enable Over Advances). If the menu item is missing, one of those is off.
Creating an over advance
- In the left-hand menu, click Over Advances.
- Click Create Over Advance in the top-right corner.
- Choose the client, enter the amount and fee, and pick the repayment type.
The list shows the Reference Number, Amount, Fee, Type and Funded Date, with totals at the bottom – the amount advanced and the balance still outstanding.
Templates
Manage Templates holds reusable repayment structures, so a standard arrangement does not have to be rebuilt each time. Set the template up once and pick it when creating the advance.
Repayment types
An Amortization over advance repays on a schedule – a set amount recovered each period until the balance clears. The schedule drives what is deducted when the client is next funded.
Following it through
The tabs work like the rest of the app: Pending, Approved, Funded, Closed, All. Approve it, then pay it out from the Funding screen.
Payments can be applied against an over advance from the payment screen, alongside invoices. If you need to reverse one, there is a dedicated Withdraw Over Advance Payment action.
One thing to watch
Turning Over Advances on adds a ledger. If you push data to QuickBooks, that new ledger has to be mapped under Settings › Admin › Journal Setup before the next sync, or the whole push fails – not just the over advance entries. Map it as soon as the feature is enabled.
Related articles
- Approving Invoices for Funding
- QuickBooks Online Setup