If you make large purchases from your vendors, scheduled payments is a great feature you can take advantage of within GP.  This is a module you already have so you don’t need to purchase anything, it will  save your staff time, and increase your company’s bottom line by allowing members of your team to use the time saved using this feature to perform other tasks.

Scheduled payments can be created from any posted documents. These schedules allow you to specify any interest rate, frequency of your payments, number of payments, and the accounts that are specific to your purchase.  The accounts associated with your schedule allow you to isolate the principal and the interest portion of your payments.

The first step in this process is to post a A/P voucher/invoice.  Once that has been done, you will create a payment schedule:

Payables scheduled payments entry Dynamics GP 2010

 

Once you have created your schedule and specified your posting accounts, GP will calculate an Amortization schedule for you.

Payables Amortization Schedule

After the amortization schedule is created, you should post the payment schedule.  This create the following entries based on the accounts you associated with your payment schedule:

Payment schedule

Distribution breakdown register payables management report MS GP

After you post your payment schedule, you should post your payments.  The post payables scheduled payments window allows you to select the payment schedule(s) and payment(s) you want to post.

Post Payables Scheduled Payments Microsoft Dynamics GP 2010

Once you post your desired payment from the schedule you select, the following entries will be made based on the accounts associated with your payment schedule:

PM Transaction Posting Journal Dynamics GP 2010

Distribution Breakdown register updated payables management report Dynamics GP

If you need help setting up scheduled payments in Microsoft Dynamics GP 2010, we can help! Contact us for more information. 

Learn more about Dynamics GP alternatives.

Additional Microsoft Dynamics GP Resources

Find The Data You’re Looking For With Smartlists in Dynamics GP

How to Safely Troubleshoot Issues in Microsoft Dynamics GP

Expedite Checkbook Register Inquiries in Dynamics GP with Date Restrictions

Automate Purchase Order Management with Dynamics GP PO Generator

Dynamics GP Alternatives