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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / OPENING ADVANCE TO SUP...
Microsoft Dynamics GP (Archived)

OPENING ADVANCE TO SUPPLIER IN DYNAMICS GP-2013

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Posted on by zulfi721

HOW TO PASS A VOUCHER FOR OPENING ADVANCE OF A SUPPLIER......

MY OBJECTIVE HERE IS TO ENTER OPENING BALANCE FOR THE SUPPLIER....IN THE PREVIOUS YEAR WE MADE AN ADVANCE PAYMENT OF USD 10,000/-

SO IN THE YEAR 2014...IT WOULD APPEAR AS AN ADVANCE PAYMENT MADE ....IN OPENING BALANCE

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  • Suggested answer
    Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at

    Hello again

    Enter a credit memo on the AP transaction, (Transactions > Purchasing > Transaction Entry).   "A credit memo is a record of a credit to the amount owed to a particular vendor"

    Let us know if you need any further assistance,

  • zulfi721 Profile Picture
    zulfi721 on at

    Entering a credit memo would pass this entry...in transaction entry...after selecting particular supplier...

    Distribution would be like this...

    Debit:Account payable ..10,000

    Credit :purchases A/c.......10,000

    ..................................................................................................

    i only have to enter an opening advance payment given to supplier.......so kindly guide me

    in that regard..........

  • Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at

    Are entering opening balances for all the modules including vendors, customers, check books .... etc ? 

  • zulfi721 Profile Picture
    zulfi721 on at

    Yes entering an opening balance for a supplier.....

    and this opening balance is an advance payment made in the previous year....

  • Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at

    Zulfi

    It depends on your case, what was this payment for ? Is it for a specific service or purchased goods .. etc ? If it is just a service, the other Account should be an expense account.

  • zulfi721 Profile Picture
    zulfi721 on at

    This advance payment was for the purchases...

    have to carry forward this advance ...

  • Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at

    So is this settled ?  Do you have any further concerns ?

  • zulfi721 Profile Picture
    zulfi721 on at

    yeah in the next year  we have received goods against this advance payment made in the previous year....

    Here is i want to know only how to enter this opening advance payment of a supplier....

    in the current year it will net off against the goods received..........

  • Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at

    I believe I misunderstood your initial inquiry, I thought you are talking about opening balances from an old system.

    For your case, there is nothing to do at all. The advance payment made in the previous year recorded the following:

    Year: 2013

    Account                     Dr             Cr

    Cash                            -              X

    AP                               X              - 

    Now as you received the goods in this year, the AP is closed in the following journal

    Year: 2014

    Account                     Dr             Cr

    AP                              -               X

    Purchase Account      X               - 

     

    As for the GL balances, opening balances for Balance and Sheet accounts are recorded as you close the year, and the balances on the Profit and Loss account are closed in the retained earning.

     

  • Suggested answer
    babubaskaran@outlook.com Profile Picture
    babubaskaran@outloo... 12 on at

    Hi Zulfi,

    Make a manual payment under Purchasing->Transactions and before you post please change the distribution debit & credit on to same payable account so it doesn't create financial transactions.  On the posting setup you can remove tick from  post through GL  so that once you post the manual payment the financial transaction will be crated on the financial batch.  Either you can post the same or delete since you might bring opening balance of GL on a separate journal entry.

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