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Receivables - Scheduled Payment - Voiding Posted Invoices

  • 1.  Receivables - Scheduled Payment - Voiding Posted Invoices

    Posted 14 days ago
    Hey Group.  First time utilizing my membership and posting.  Question about changing a schedule that has already been posted.  I have an payment plan that was setup and the payment plan schedule was posted for the first 5 installments monthly.  The customer remains past due, but Sales agreed that the customer could pay quarterly. I do not know how to void an invoice so that we can create a new schedule with quarterly installments rather than monthly.  Any experience with this?

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    Phil Clouse
    Uniguest
    Nashville TN
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  • 2.  RE: Receivables - Scheduled Payment - Voiding Posted Invoices

    TOP CONTRIBUTOR
    Posted 14 days ago
    Hi Phil, I believe the only way to 'VOID' a Scheduled Payment is to actually bill out all of the remaining invoices, and then Credit & Rebill. One important note, when you go to bill out the remaining invoices on the schedule you'll want to make sure that you change your interest rate to 0%, that way you aren't tacking on interest. After you zero out the interest (remember to hit Calculate and Save), go into Post Scheduled Payments and post all the payments for the Schedule. Then you can issue a Credit to offset the invoices generated and then another Invoice for the remaining balance. This will be the invoice that you use when you create your new Scheduled Payment.

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    Matthew Arp
    Business Systems Developer
    Hunton Group
    Houston TX
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  • 3.  RE: Receivables - Scheduled Payment - Voiding Posted Invoices

    SILVER CONTRIBUTOR
    Posted 13 days ago
    Hi Phil,

    Just in case you haven't checked this article yet:

    Description of the Scheduled Payments transaction and a description of how to void a scheduled payment in Microsoft Dynamics GP


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    Gerald Buenafe
    Owner/Consultant
    BTP Technologies LLC
    CHANTILLY VA
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  • 4.  RE: Receivables - Scheduled Payment - Voiding Posted Invoices

    Posted 11 days ago

    Hi Phil,

    Not sure if you've done what Matthew suggested yet, but I have additional comments to add that makes the "void" easier. Definitely make sure you change the interest rate to zero, but also change the number payments to 1 before you hit calculate. That way you are only creating one more voucher and you only have to have the next fiscal period open to post the scheduled payment remaining. You can then void the one payment instead of issuing a credit, if that is easier or makes more sense for you. You can certainly do the credit as Matthew suggests, but I find this way there is more room for error with using correct GL accounting.

    Also, one thing that tripped me up in the past is that when changing a scheduled payment this way to "void" it, it confused me that the post button is greyed out in the Receivables Scheduled Payments Entry window. You actually do not need to post it again when you change a scheduled payment, rather, you can click on the save button and the scheduled payment is then saved with the new terms of zero interest and one remaining payment when you go to post it in the scheduled payments routine.



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    Danielle MacNaughton
    Leonards Express
    Farmington NY
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