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Hi,
Why payment terms consists cash check and credit card in the default setup of dynamics GP
Can you please let me know if anyone knows the answer. thanks in advance
Regards,
Naveen
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Hi All I have a question on Payment Term and Term Discount Allowed and Term Discount Taken in GP. I have set up a Payment Term as 1/10N30.
As per payment term if I import Invoice on or before discount available date GP is calculating Discount and also recording it in Term Discount Taken and added in distribution.
If I import invoice with same payment term after Discount available date, GP is calculating Discount available and keeping Term Discount Taken as 0 also not carrying the distribution But while posting it is showing Distribution Error.
Can someone let me know why GP is showing this Distribution Error?
Is there any internal setting available in GP where GP should show available discount as zero as I am importing Old dated invoice?
How to make Payment to vendor before its Payment Terms?
The closest payment terms have to using GL accounts is if the payment term has a discount period. So if you have 1% 10 Net 30. When the invoice is entered it will hit your GL discount avaiable account and then depending on whether it is paid within the 10 day period it will hit discount taken. These accounts will be setup under Tools->Setup->Posting->Posting. As Victoria said, there is not direct link between a payment term and a GL account.
Thanks Victoria for your answer. it is very helpful for me.
Regards,
Naveen
Naveen,
Dynamics GP does not have a way to tie GL accounts specifically to payment terms. GL accounts are assigned when you enter transactions, regardless of payment terms.
Victoria, I have one more small question.
Is there any relationship between "Payment Terms" and "GL Accounts".
I mean internally any Accounts are mapped for payment terms.
I believe Accounts come into picture when the actual payments are paid for the invoice.Is it correct ?
Please let me know your answer, thanks in advance.
Regards,
Naveen
Thanks Richards and Victoria for your reply.
Thanks Victoria, I understood your explanation as you said Payment Terms can also be used for the reference purpose with no dues. Actually I had a debate with my project manager saying "why cash check and credit card are included in the payment terms". Thanks again for the information.
Regards,
Naveen
Richard, I think that Naveen might be referring to the list of payment terms that is loaded into GP if the option to 'Load Shipping Methods and Payment Terms' is selected during the GP company creation in GP Utilities.
Naveen, payment terms can be used a number of different ways - they can be used to calculate the due dates and discounts, but they can also be used to communicate information, either externally (when you print payment terms on a sales document or a PO) or internally for your GP users.
For example, we have a vendor that automatically charges all fees due to our AMEX card. We have created a Payment Terms called AMEX and set this up as the default for the vendor. Any time we enter an invoice for this vendor, it shows us the AMEX payment terms so we know to enter the payment using the AMEX credit card. In this case there is no calculation needed for due date, etc, since each invoice is paid right away, so the only thing set up on the Payment Terms Setup window is the ID....everything else can be left as zero or blank:
Hope this helps.
There are no default payment or shipment methods when you create your original company in GP. Someone enters those values and they can then be brought forward to subsequent companies as they are installed. Now if you choose basic installation maybe that happens as a way to help novices set up GP. But for all of us old people we always choose advanced.
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