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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Clearing Account for V...
Microsoft Dynamics GP (Archived)

Clearing Account for Vendors & Customers

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Posted on by Community Member

I understand that GP has the functionality of clearing account where the balances can be transferred to another account while maintaining the history of old GL Account. Similarly, we need to have this functionality for customer or vendor where if the management of customer is changed and the entire liability is taken over by new management. So all the open invoices should be transferred to new customer code while retaining the history with old customer code.

 please let me know if there is any feature available in GP for this

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  • Victoria Yudin Profile Picture
    Victoria Yudin 22,769 on at

    Just to clarify - the General Ledger clearing transaction simply moves the ending balance of an account to another account.  No transaction history is transferred and the new account simply gets a balance.   

    While there is no functionality in GP to 'clear' a vendor or customer balance into another vendor/customer, even if there was something similar to a clearing entry, since it would only move the ending balance, it does not sound like it would accomplish what you're looking to do.

    Typically, if a vendor/customer company is acquired, or the name changes, there is no reason to create a new vendor/customer in GP and transfer or duplicate transactions.  In my experience the two typical actions are:

    1. Change the name of the vendor/customer (this is more realistic if your vendor/customer IDs are generic or numeric).  Old transactions will keep the old name, new transactions will start getting the new name.

    2. Use the Professional Services Tools Library tools such as Customer Modifier or Vendor Modifier to change the vendor or customer ID.  This is more useful if you have more meaningful ID's.

    If you absolutely must create a new vendor or customer and 'transfer' all the open transactions, you would have to manually enter (or import) credit memos to the old vendor/customer and debit memos or dummy invoices to the new vendor/customer.

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