i have a question about the application of credit memos in microsoft dynamics gp. in order to fix the mistake we would like to post a credit memo into the payables module, but do not want it to actually be applied to any check now or ever in the future. how to we do this? we dont want to just leave it open because it may be picked up by accident in the future and voiding the credit memo would reverse the fix.
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Hi
Don't fix the GL by doing journals. If the error originated in payables - fix it in payables and allow everything to post through.
GP does allow you to open closed periods to post transactions - you may have problems if you have done the financial year end roll - but otherwise it should be fine. So depending on your internal rules, you could do either of the following:
- Open the payables and financial period concerned and create all the appropriate reversing transactions - if it can't be done by ticking intercompany boxes, then do it manually in each company. Post all the transactions and the intercompany should come right.
- If you are not allow to open the payables period but you are allowed the financial period, then do a reversing GL journal to correct the financial period which will back out in an open payables period. Then do all the payables corrections and post which will offset the reversing financial journal.
Note: with the second method, if you compare a Historical Payables Trial Balance with the General Ledger for that period you will be out by the amount of the journal, but it will come right in the correcting period.
Bottom line is - fixing it by having a "permanent" credit note should not be an option.
Cheers
Heather
we are tryin to fix the payables subsidiary. it will basically offset an invoice that was posted that should have been a credit memo. o you know of another way?
basically the original mistake was an invoice was created when a credit memo should have been in an intercompany payment. so when the check was cut, instead of deducting the amount, that amount was added to the total paid.
the gl accounts could be fixed with an entry, but we dont know how else to fix the payables subsidiary as the original invoice was created in a period which is now closed.
Hi,
I would highly recommend that every transaction you enter in Dynamics GP is applied to something. There is no way to set a transaction as never being able to be applied as you want.
I think this sounds like you should be fixing the problem in your payables module in a different way.
If you provide some detail about the problem you are having, maybe we could suggest some alternatives?
Kind Regards,
Jamie
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