Scheduled payments in Microsoft Dynamics GP is a great tool to use if you need to pay off an invoice over time. This tool is not a largely used piece of GP but can be quite useful.
Enter payables invoice
Purchasing > Transactions > Transaction Entry
Create the Payment Schedule
Purchasing > Transactions > Scheduled Payments
- When you open the scheduled payments window a default schedule number will appear, you can modify it if you want
- Enter a schedule description
- Select the original document number (this is the payables invoice you created)
- The schedule document date displays the date of the original document used to create this payment schedule
- The scheduled amount is amount of the original invoice, you can modify this if you only want to pay a portion of the invoice through scheduled payment. This amount will be used when calculating the amortization schedule
- For example if your original invoice if for $100,000, $20,000 is due right away and the remaining $80,000 can be paid over time then you can enter $80,000 for the schedule amount
- The schedule amount is the amount that will go into the payables offset account
- Enter the scheduled interest rate and whether the interest if compound or simple (if applicable)
- Compound – Calculate interest on the initial principal and any accumulated unpaid interest
- Simple – Calculate interest only on the initial principal
- Enter the number of payments that this schedule will be divided into. This number is used when calculating the amortization schedule
- Select the frequency of the payments for this schedule: semimonthly, monthly, quarterly, semiannual, or annual
- Click CALCULATE on the bottom right of the window and the system will calculate the Calculated Payment Amount which displays the payment amount that is calculated when the amortization schedule is created
- Enter the First Invoice Document Date which is the invoice date for the first scheduled payment invoice
- Enter the First Invoice Due Date which is the due date for the first scheduled payment invoice
- Enter the posting accounts:
- Accounts Payable – Enter or select the account to be credited with the total schedule amount, not including interest, when the payment schedule is posted. The account will be debited with the scheduled payment amount, including principal and interest, when an individual payment is posted using the Post Payables Scheduled Payments window
- Payables Offset – Enter or select the account to be debited with the total schedule amount, not including interest, when the payment schedule is posted. The account will be credited with the scheduled payment amount, not including interest, when an individual payment is posted using the Post Payables Scheduled Payments window
- Interest Expense – Enter or select the account to be credited with the interest portion of the scheduled payment amount when an individual payment is posted using the Post Payables Scheduled Payments window. This account is not debited when you post a payment schedule.
Purchasing > Transactions > Scheduled Payments > click Amortization
If there is no interest, you can edit the due date and the payment amount for each line in the scrolling window.
- To edit the due date, you can either enter the date manually (MM/DD/YYYY) or click the calendar to select a date
- To modify the payment amount simply click the field and enter the new amount
- Note: the total of all the lines must equal the schedule amount on the top right of the window otherwise you will receive an error message
3. Click OK to exit the window to return to the Payables Scheduled Payments Entry window, your modifications to the amortization schedule will be saved
Post the Payment Schedule
Purchasing > Transactions > Scheduled Payments
- Click POST to post the schedule, this will create the individual scheduled invoices and the amount of the scheduled amount of the original invoice will be credited
Post the Payables Scheduled Payments
Purchasing > Routines > Post Scheduled Payments
- Mark which payments to include in the batch for posting, you can choose the Mark All options if you want to post all payments and click POST. Once you post the scheduled payment it will create an OPEN invoice(s) for the amount of the scheduled payment.
- Note: If you select the payments out of order you will receive an error message
2. You can review the invoices using the Transaction by Vendor/Document window and continue with the payment process
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