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Vendor deduction

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Posted on by 30

Hello,

Transportation company pays insurance on behalf of the owner operators, then it deducts it from their invoices. What is a correct way to post it in GP?

How to record the transition so when printing 1099 it shows the amount after deductions?

Thank you

 

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  • Suggested answer
    Andrea Melroe Profile Picture
    Andrea Melroe 3,437 on at
    RE: Vendor deduction

    Thank you for using Microsoft Communities. This is Andrea, and I will assist with your question today.


    Creating and applying a credit memo to your 1099able invoice should accomplish what you’re looking to do. Credit Memo documents will reduce the 1099 amount of 1099able invoices in Payables (by the 1099able amount on the credit memo).

    For example:

    1000.00 invoice assigned a specific 1099 type/box

    200.00 insurance (apply this to the invoice as a credit memo document associated with the same 1099 type/box)

    800.00 payment applied to the invoice associated with the same 1099 type/box

    At the end of the day, 800.00 will show on the 1099.

    Hope this helps!

    Andrea Melroe | Sr. Technical Advisor | Microsoft Dynamics GP

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