Manage prepayments in Mimo
Mimo automatically detects prepayments from invoice attachments, suggests them with AI reasoning, and lets you manage them in schedules that auto-publish to Xero. Accept or dismiss suggestions monthly, import existing schedules from Excel, and choose from straight-line, custom, or rolling allocations.
How it works
1) Incoming documents are scanned automatically
Regardless of how an invoice or attachment reaches your general ledger (whether via Mimo Scanner, email uploads, or another document flow), Mimo scans incoming attachments to identify potential prepayments.
2) Get AI-powered prepayment suggestions
When Mimo detects a likely prepayment, it creates a suggestion in your Suggestions inbox. For every suggestion, Mimo provides AI reasoning so you understand what signals were used, such as dates, amounts, and service period clues in the invoice.
3) Accept or dismiss in one click
From a suggestion, you can:
Accept and add it to a prepayment schedule
Dismiss it if it's not a prepayment
Once it's on a schedule, Mimo automatically manages the monthly releases and (if enabled) auto-publishes the corresponding journals to Xero.
4) Handle your month-end in minutes
Each month, you open Suggestions, accept or dismiss new items, then review schedules and publish (or let auto-publishing handle it).
Mimo learns your preferences over time
As you accept and dismiss suggestions, Mimo learns your preferences so you don't need to maintain fixed bank rules or supplier rules. You can also add context upfront via Client context settings from the Home view to guide suggestions.
Flexible allocation methods
Mimo supports different ways of allocating a prepayment across time:
Straight-line monthly allocation
Automatic service period detection based on invoice information
Custom allocations for full control
Partly or fully rolling prepayments (start with a balance and decide releases later as information becomes available)
Import your existing schedules
When you start using Mimo, you don't need to keep your old system running in parallel. We support importing your existing prepayment schedules so you can transition smoothly.
For now, you can share your prepayment schedule with us as an Excel file, and our team will help you set up the ongoing prepayments for your clients. We're working on automating this process, so it'll be even easier soon.
Stay in control with dedicated views
Mimo provides:
A monthly view showing opening balance, movements, and closing balance for the month you're closing
A full schedule view showing all ongoing prepayments and their statuses
Sync status and timing if items are synced to Xero
Sync schedules to Xero automatically
Depending on your setup, schedules can create journals that sync to Xero. With auto-publishing, Mimo publishes the journals automatically based on the schedule.
Limitations
Multi-line invoices
Mimo currently suggests adjustments based on single-line invoices. Invoices with multiple line items can still appear as prepayment suggestions, but if a single invoice contains multiple schedules (for example, rent for 3 months and insurance for 12 months), at least one line may need to be added manually. Line-level prepayment support is in progress.