Prepayments In Project Billing - Dynamics GP

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Posted on by aely

Hello,

I am using Dynamics GP 2016 R2 and wondering if there is a way to record prepayments through the project billing module. My company is fairly new to using the project billing functions so right now we record the prepayments one of two ways:

1. We can book the prepayment to another GL account and manually reconcile our projects against the prepayment amounts before billing. We can then use the "markdown" feature to reduce the invoice to the correct amount. This gets messy and makes it difficult to track in history.

2. We can post the payment against the project using a Misc Log entry but then the prepayment shows the same way an adjustment would show in our reports under the misc log entry type.

I am wondering if there is any functionality built in to allow for a prepayment billing so that the entry type can still show as a billing without messing up the cost tracking against the project budgets.

Thank you,

Andy

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Microsoft Dynamics GP

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Shannon Aune on at

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RE: Prepayments In Project Billing - Dynamics GP

Hi Andy,

There is a retainer fee option in Project Accounting that will accomplish this, you can find more information on this from the link below:

support.microsoft.com/.../retainer-fee

I would recommend that you test this process in a Test company that is created from a backup of your production company so that you can ensure that it will work as expected, before you attempt in Production.