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

Article ID: 857296 - View products that this article applies to.
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INTRODUCTION

This article describes the Scheduled Payments transaction in the following products:
  • Microsoft Dynamics GP 10.0
  • Microsoft Dynamics GP 9.0
  • Microsoft Business Solutions-Great Plains 8.0
  • Microsoft Business Solutions-Great Plains 7.5
Additionally, this article describes how to void a scheduled payment.

MORE INFORMATION

You can use the Scheduled Payments transaction when you create installments from an invoice and when you post amortizations. The following steps show how the Scheduled Payments transaction works.
  1. You post an invoice from which installments are created.
  2. You select the invoice in the Receivables Scheduled Payments Entry window to create a scheduled payment. You configure the scheduled payment, and then you post the scheduled payment. When you do this, Microsoft Dynamics GP creates the following documents:
    • A credit memo document in which the type is set to "CR."

      Note The credit memo amount is the same as the invoice amount.
    • A scheduled payment document in which the type is set to "SCP."

      Note The scheduled payment amount is the same as the credit memo amount.
  3. You post the amortizations in the Post Receivables Scheduled Payments window.

    Notes
    • The amortizations are related to the invoice document in which the type is "SLS."
    • When you post an amortization, the amortization amount is subtracted from the scheduled payment.
For example, you create six installments from an invoice that has an amount of 1,200. Then, you post all amortizations. In this example, the results of the "Schedule Payments" transaction are as follows.
Collapse this tableExpand this table
Accounts Receivable accountSales accountOffset accountDocumentType
1,200-1,200-Invoice SLS
-1,200-1,200Credit memoCR
---Scheduled paymentSCP
200--200 First amortizationSLS
200--200Second amortizationSLS
200--200Third amortizationSLS
200--200Fourth amortizationSLS
200--200Fifth amortizationSLS
200--200Sixth amortizationSLS
1,200-1,2000--

How to void a scheduled payment

  1. Void amortizations. To do this, follow these steps.

    Note Follow step a through step c only if remaining amortization transactions exist that must be posted. Begin with step d to void the invoices that were created by the completed schedule payment.
    1. On the Transactions menu, point to Sales, and then click Scheduled Payments.
    2. In the Schedule Number field, enter the number of the scheduled payment that you want to void, type 1 in the Number of Payments field, click Calculate, and then click Save.

      Note You perform this step to make sure that all amortizations are posted.
    3. Follow the appropriate step:
      • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamics GP menu, point to Routines, point to Sales, and then click Post Scheduled Payments.
      • In versions that are earlier than Microsoft Dynamics GP 10.0, point to Routines on the Tools menu, point to Sales, and then click Post Scheduled Payments.
    4. In the "Post Receivable Scheduled Payments" window, click to select the check boxes for the amortizations that you want to void, and then click Post.
    5. On the Transactions menu, point to Sales, and then click Posted Transactions.
    6. In the "Receivables Posted Transaction Maintenance" window, enter the number of an amortization that you posted in step 1d in the Number field, and then click Void.
    7. Repeat step 1f for other amortizations that you posted in step 1d.

      Note If the scheduled payment has the number "SCHPY00000000001", the amortizations numbers resemble the following:
      • SCHPY00000000001001
      • SCHPY00000000001002
      • SCHPY00000000001003
  2. Void the credit memo. To do this, follow these steps:
    1. On the Transactions menu, point to Sales, and then click Posted Transactions.
    2. In the "Receivables Posted Transaction Maintenance" window, enter the number of the credit memo that you want to void in the Number field, and then click Void.
  3. If you want to void the invoice that you use for the scheduled payment, follow these steps:
    1. On the Transactions menu, point to Sales, and then click Posted Transactions.
    2. In the "Receivables Posted Transaction Maintenance" window, enter the number of the invoice that you want to void in the Number field, and then click Void.
  4. If you want to change the status of these transaction documents to "History," follow these steps:
    1. Follow the appropriate step:
      • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamcis GP menu, point to Routines, point to Sales, and then click Paid Transaction Removal.
      • In versions that are earlier than Microsoft Dynamics GP 10.0, point to Sales on the Tools menu, and then click Paid Transaction Removal.
    2. Click Process.
  5. If you want to remove these transactions from the Receivables Management module, follow these steps:
    1. Follow the appropriate step:
      • In Microsoft Dynamics GP 10.0, point to Tools on the Microsoft Dynamcis GP menu, point to Utilities, point to Sales, and then click Remove Transaction History.
      • In versions that are earlier than Microsoft Dynamics GP 10.0, point to Utilities on the Tools menu, point to Sales, and then click Remove Transaction History.
    2. Click Process.
    Note To complete step 5, you first have to complete step 4.

Properties

Article ID: 857296 - Last Review: July 13, 2011 - Revision: 4.0
APPLIES TO
  • Microsoft Dynamics GP 2010
  • Receivables Management, when used with:
    • Microsoft Dynamics GP 10.0
    • Microsoft Dynamics GP 9.0
    • Microsoft Business Solutions–Great Plains 8.0
    • Microsoft Business Solutions–Great Plains 7.5
Keywords: 
kbexpertisebeginner kbhowto kbinfo kbmbsmigrate KB857296

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