Prepayments

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Home
Financial Resources Management
Expense Management
Prepayments

Main navigation

Inventory Management
- Inventory Management
Cash Banking and Investment
Financial Closure of Development Projects and Trust Funds
Financial Management and Implementation Modalities
Financial Operations Management
- Corporate Operations and Information Management
- Statutory Financial Reporting
Pipeline and Revenue Management
Expense Management
Resource Planning and Cost Recovery
Working with External Auditors
- Working with External Auditors

Focal Point

Amat O. Kebbeh

Effective Date

31/12/2011

Planned Review Date

09/01/2026

Version

4.0

Latest updates

January 09, 2023 - The policy and procedures have been updated to reflect UNDP’s transition to its new cloud-based management platform Quantum in January 2023, replacing its previous ATLAS system.

September 30, 2022 - The Prepayments policy has been updated to clarify that the requirement for a bank guarantee and limitation of 20% of the contract value is not applicable to UN Agencies.

February 23, 2022 - The Prepayments policy is now available in French. To access the document, click on the French language tab.

January 09, 2023 - The policy and procedures have been updated to reflect UNDP’s transition to its new cloud-based management platform Quantum in January 2023, replacing its previous ATLAS system.

September 30, 2022 - The Prepayments policy has been updated to clarify that the requirement for a bank guarantee and limitation of 20% of the contract value is not applicable to UN Agencies.

February 23, 2022 - The Prepayments policy is now available in French. To access the document, click on the French language tab.

March 13, 2020 - The Prepayments policy is now available in Spanish. To access the document, click on the Spanish language tab.

December 01, 2015 - Content reviewed and edited (without changing substance).

EXPAND

Relevant Regulations and Rules

UNDP Financial Regulations and Rules

Financial Rule 125.11.

Policies

Main Policy

Prepayments

DOCX (78.29 KB)

View Download

Procedures

Main Procedures

1

Steps

Create Pre-payment – Create Purchase Order

Responsible Party

Buyer

Template/Guideline

Explanatory Notes

In order to make a prepayment, an approved purchase order (PO) for the entire procurement transaction (not just the prepayment amount) must exist in Quantum. See Purchase Orders/Commitments

2

Steps

Complete Prepayment invoice Request (Prepayment) form

Responsible Party

Staff

Template/Guideline

Explanatory Notes

Based on pro-forma invoice, contract, or other supporting documentation, a Prepayment Invoice Request form is completed, referencing the related approved PO#. The Prepayment Invoice Request form along with a hard copy of the PO and all other supporting documentation must be forwarded to the Project Manager for approval.

The Payable Infolet-Prepaid shows all aged & outstanding prepayments which can be exported to Excel

3

Steps

Review Prepayment Invoice Request Form

Responsible Party

Project Manager

Template/Guideline

Explanatory Notes

Review the Prepayment Invoice Request form and supporting documentation and decides whether or not to approve. If approved, the Prepayment Invoice Request form and supporting documentation are forwarded to Finance

4

Steps

Create Prepayment Invoice

Responsible Party

Finance

Template/Guideline

Explanatory Notes

Create and complete the prepayment invoice with supporting document in Quantum, validate and initiate approval. Quantum will automatically route to designated Approving Manager who needs to check PO reference (if any), COA (which includes distribution combination and Project segment)and supplier information.

5

Steps

Approve the Prepayment Invoice

Responsible Party

Approving Manager

Template/Guideline

Explanatory Notes

Review supporting documentation and approve the prepayment invoice in Quantum if appropriate. Unlike in the case of a standard PO matched invoice, the information from the PO is not automatically copied on the prepayment invoice. Therefore, approving manager should ensure that:

The amount and timing of the prepayment are consistent with the contract, agreement, TOR, PO, etc.

The supplier and COA are correct

6

Steps

Disburse the prepayment

Responsible Party

Finance

Template/Guideline

Explanatory Notes

Disburse the prepayment once the prepayment invoice is approved by the Approving Manager

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