We've been putting out multiple invoices on sales order with multiple payment terms but would like to start issuing just one invoice for a sale. Multiple payment terms example -- Net 30/60/90/120. This particular terms means customer can pay in four installments -- the first installment is due in 30 days and the last installment is due 120 days.
Does anyone have a creative solution how to invoice for this in Great Plains? We have so many of these special terms that it has become a bit cumbersome and inefficient to generate multiple invoices. Plus, I would like to start using Itergration Manager to generate invoices instead of entering invoices manually.
Thank you for any help you can give me.
I am unaware of GP being able to do anything close to what your needs are. We also have similar issues. We have payment terms granted periodically like the one you wrote and we are having to go into the sales document and update the due date monthly. We also have what I consider standard payment terms that GP cannot calculate.
Heck, the payment terms part to GP are so antiquated that I do not see GP updating these types of issues anytime soon. I posted to Microsoft Connect the need to enhance the payment terms, but since we have no feedback from Microsoft on if a given idea is going to be included in a future release, I do not know if this is an area they are working yet or even will work on. On my Connect post, someone who agreed with me stated they receive invoices from Microsoft with payment terms that GP cannot calculate the correct due date, so that is how far GP has to go...
You may want to look at Scheduled Payments. Give you the ability to take and invoice and schedule it out in more than one payments. RM Trial Balance will reflect the multiple due dates.
Good call Warren. Scheduled payments will work for simplistic schedules, so sorry Loan for missing that part if it works for your group. But if you have a payment schedule which has tiered payments or changing payments over time or if the payment cycle is not in the five selections granted by Microsoft or both, then one cannot use it. We have one right now which is 50% on Sept 30 (not even 30 days after shipment) and the balance on Jan 31. There is a work around, but I have to remember to do it when I shouldn't have to. And that doesn't even mention not being able to provide a payment term accruately on the invoice without having to add comments to it.
I've seen contracts which have different terms based on the item sold which the only way to capture in GP is to have separate invoices by item and remember to change the payment term, or go as far as setup separate customer cards so the correct payment term is setup on the card, but then you have to remember which customer id to use for which item. And that is an easy one compared to payment terms payment terms which GP cannot calculate. The easiest example is X days EOM + Y days or EOM + X days. GP cannot calculate these correctly even when using the Grace Period on the customer card (sometime it can if the sale date is just right) . So, the customer service rep has to manually calculate and inform me if GP is wrong, then I have to override the due date if necessary so collection group will not go after the money when it isn't due, so a waste of 3 department's time.
Don't get me wrong, I like GP, but sometimes, I am amazed at some of the fundamental business parts that need to be enhanced and having a robust due date calculation (which would help tremendously with collection process) for payment terms and enhancing the scheduled payments are two areas that need to be overhauled from my viewpoint.
I don't know why I'm on a tirade today. Sorry Microsoft.
Put the same terms on it. Then put it through Scheduled Payments. Which means that you would be sending out invoices 30, 60, 90 and 120 days out, but you wouldn't have to worry about it, you would just run the routine once a month to pull the invoices that are due. You can use integration manager to do the original invoice, but then you pull the invoice into Scheduled payments for the original full amount and set the terms.
Just an idea..
Thank you Susan, Warren, and Dale for your suggestions! I'll check out Scheduled Payments.
Dale -- looks like Microsoft need to put real accounting software users on their designer team!
Set up your special terms code and define it with net 30 terms. When the customer makes the first payment, use the adjust receivables function to change the due date for the second payment. We have also used a SQL statement to extend the due dates on all open invoices with these terms....
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Susan/Warren: I've tested out Scheduled Payments. It won't work for us because when you post the scheduled payments, revenue and AR get posted into future period. The system doesn't allow you to change the transaction dates for the scheduled payments.
Our goal is just to extend the due dates and not defer any part of revenue or A/R.
Don't quite understand how that you did that. Scheduled payments DO NOT Defer Revenue. Yes there is a distribution on them, but just drive the entries to the same account number and they will have no impact on your ledger.
Are you sure that you are not getting Scheduled Payments feature and Revenue/Expense deferrals mixed?
I used the wrong terms. It doesn't defer revenue. You're correct.
But, the open receivable doesn't show the full amount. We would like the full amount on the aging report (just eventually, in different buckets if the invoices are over due.)
I am working on a report right now that does this. It requires a custom table that uses the terms ID. we enter up to 4 payments using dift types of payments. i.e. the first payment might be in 30 days at 50%, the 2nd might be by date...1/15/2012 at 25%, and the third by 4/14/2012 at the balance of 25%. Ther are all kinds of variations including what you mentioned above, but only up to 4 payments ( i.e. 30,60,90, and lastly 120. ). I'd be glad to discuss what you are doing to see of we can come up with a collaborative effort.
Yes, I'd love to see what you got and how we can help each other getting this issue resolved.
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