Changing Sales Invoice Aging Due Date

There is a useful feature in Microsoft Dynamics GP where user able to change sales invoice aging due date using "Edit Receivable Transaction". Refer to the sample below how an Invoice with 30 Days terms extended to 50 Days.

1. Following invoice “INV0001” is issued on 1st Feb 2019, with 30 Days payment terms, invoice will due on 3rd Mar 2019.

2. Aging Report printed on 28/02/2019, the invoice is sitting in “Current” bucket.

3. The invoice will fall under “0-30 Days” bucket if the aging is printed on 4th March 2019 onwards.

4. User can change the due date manually in GP using “Edit Receivables Transaction”.
Path: Transaction > Sales > Edit Receivables Transaction

5. After changing the Due Date, the aging for the invoice will be revised. Printing the Aging Report 04/03/2019 again will make the invoice fall under “Current” bucket.

6. But when the aging report is printed on 24/03/2019, the invoice will fall under “0-30 Days”.

Apart using "Edit Receivable Transaction" to change invoice due date, user can also use the Edit Receivables Transaction window to change the discount date, purchase order number, and transaction description for a posted transaction.

Comments

Reprinting GP Posting Journal after Posting in Dynamics GP

As there is no shortcut to reprint the posting journal from one screen, you need to know the original screen location. Financial and Bank 1. To reprint General Journal entries. Path: Reports > Financial > Cross-Reference > Select "Journal Entries" Take note that the document printed from here will include transaction posted from other source too like Payables, Receivables, and Fixed Assets and etc. 2. To reprint Bank Posting Journal/ Bank Recon Reports Path: Reports > Financial > Bank Posting Journal Sales Order Processing and Receivables 3. To reprint Sales Transaction Entry Path: Reports > Sales > Posting Journal > Select "Sales Posting Journal" 4. To reprint Receivables Entry Path: Reports > Sales > Posting Journal > Select "Receivable Posting Journal" 5. To reprint Cash Receipt Entry Path: Reports > Sal...

How to Create Recurring Transaction in Dynamics GP

If you have a handful of journal entries to be created in regular basis, whether for numerous accruals and reversals, allocation, or reclassification entries, setting up Recurring Transaction in Dynamics GP will be helpful and speed up your month end process. Step 1 - Setup Recurring Batch Path: Transaction > Financial > Batches i. After entering the " Batch ID " and " Comment ", setting up the " Frequency " is the most important part for recurring transaction. " Single Use " is the one we use all the time for single posting, once posted, the batch will remove from Batch ID. But if you set the Frequency to " Monthly ", which means the batch automatically becomes a recurring batch, the batch will be there forever for multiple posting. ii. There is another useful option here, " Clear Recurring Amounts ", which will clear the amounts in journal entries after the posting. You can then later enter the amount in the j...

How to Record a Refund from a Vendor in Dynamics GP

Assuming you have scenario where there is over payment to your vendor or supplier, but you don't have any open invoice due to this vendor, you can simply enter a Return transaction using Payable Transaction Entry screen. Path: Transaction > Purchasing > Transaction Entry > Select "Return" from Document Type. 1. Assuming there is a refund of $100 from the supplier, enter the refund details as per screenshot attached. 2. Enter the refund amount to "Returns" and also "Check" field. 3. The check entry screen will pop out to record the cash receipt details. 4. Take note of the Distribution entry, DR Bank and CR Purchase. 5. After the Return is posted, the document status will be "HIST". No apply require. 6. This will also create a Bank Deposit to be deposited. (Transaction > Financial > Bank Deposits)

GP How to Reconcile Payable/ Receivable Ledger to General Ledger Control Account using "Reconcile to GL"

The “Reconcile to GL” tool helps you find differences between Payables Management (and GL) and Receivables Management (and GL) automatically by coming out a report. The Rule of Thumb, GL balance for the AP Control Account should match up with the total on the Payable Ledger report and the GL balance for the AR Control Account should match the total on the Receivables Ledger report. "Reconcile to GL" will match each transaction between GL and Sub-ledger based on the setup account and posting date. Any transactions that don’t match and users have to start digging through detailed transactions to see what went wrong, “Reconcile to GL” can be helpful in this scenario. To perform Payable/Receivable Reconciliation Path: Microsoft Dynamics GP > Tools > Routines > Financial > Reconcile to GL 1. Type in your date range. 2. Select “Module”, either Payable Management or Receivable Management. ...

Hello Dynamics! The most dynamics software that bring your business forward

Search This Blog