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special "split" payment terms

  • 1.  special "split" payment terms

    TOP CONTRIBUTOR
    Posted 10 days ago
    Hello Everybody,

    Occasionally, we will give customers payment terms where they can part pay the invoice over a period of time :
    ex: 1/12th of the invoice due each month over the period of 1 year
    ex: 1/3rd net 30 - 1/3rd net 60 - 1/3rd net 90, etc ..

    To my knowledge, GP does not support these sort of payment terms.

    Does anyone have a creative way to handle these, so information is reflected correctly in the aging.
    Is there a 3rd party that expands the payment terms offered by GP?

    We are on GP2015 R2. Thank you for your ideas.

    Kind regards,

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    Maria Frandzeskakis
    IT Manager
    MIP Inc.
    Anjou QC
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  • 2.  RE: special "split" payment terms

    Posted 9 days ago
    On your Sales Document you can create line item for each payment and invoice that item when due.

    Example: 12 Payment Lines items for 12 payments, invoice 1 per month, then its it would be due within the payment terms on the account. You can sell your actual good/service at 0 dollars at time of delivery to recognize the cost of goods.


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    Kevin
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  • 3.  RE: special "split" payment terms

    TOP CONTRIBUTOR
    Posted 9 days ago
    Thank you Kevin.
    We'll keep this in mind.
    Maria.

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    Maria Frandzeskakis
    IT Manager
    MIP Inc.
    Anjou QC
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  • 4.  RE: special "split" payment terms

    Posted 9 days ago
    Hi Maria

    The perfect tool is already in Dynamics GP : Scheduled payments. You post your invoice and then with schedule payment you split it in smaller invoices with different due dates

    "You can create scheduled payments for customers who want to spread payments out over time. You'll use the Receivables Scheduled Payments Entry window to create a scheduled payment from a posted sales/invoice, debit memo, or service/repair document. You can choose the interest rate, payment frequency, and other information when you create a scheduled payment. When you post a scheduled payment, a credit memo is created for the remaining amount on the original document. The credit memo is applied automatically to the original document and a series of scheduled invoices, installments of the scheduled payment, are created to replace the original document."

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    Pierre Deschênes
    Groupe Dynamite
    MONTREAL QC
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  • 5.  RE: special "split" payment terms

    TOP CONTRIBUTOR
    Posted 9 days ago
    Merci Pierre.
    This sounds promising. Will check it out.
    Maria.

    ------------------------------
    Maria Frandzeskakis
    IT Manager
    MIP Inc.
    Anjou QC
    ------------------------------



  • 6.  RE: special "split" payment terms

    Posted 8 days ago
    Can you please give some instructions on how to Scheduled payments and how to post our invoices with schedule payment by splitting it in smaller invoices with different due dates? I can't find the way to do it.
    Thank you,
    Viktoria


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    Viktoria Akselrod
    Zone Labs Inc
    MA
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  • 7.  RE: special "split" payment terms

    Posted 8 days ago

    @Viktoria Akselrod

    You need to post your Invoice or Receivables Transaction first, then you can use Scheduled payments​.

    "You can create scheduled payments for customers who want to spread payments out over time. You'll use the Receivables Scheduled Payments Entry window to create a scheduled payment from a posted sales/invoice, debit memo, or service/repair document."



    ------------------------------
    Pierre Deschênes
    Groupe Dynamite
    MONTREAL QC
    ------------------------------



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