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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Payment Terms for AR t...
Microsoft Dynamics GP (Archived)

Payment Terms for AR to match fiscal periods

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Posted on by Accounting Department 1,552

I have seen a few requests for more flexible payment terms. Is there a way to tell GP that EOM is actually the Fiscal period end and not the month-end date?  

Our fiscal periods follow week-ending (4-5-4) and often do not line up with the calendar months.

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  • Richard Whaley Profile Picture
    Richard Whaley 25,195 on at

    No and this is not a standard GAAP practice.  To try to force the payments to arrive in a specific fiscal period (good luck, by the way) use Next Month, Net Days, or Next Month terms.  

    BTW,  Payment terms like this are discussed in detail in our Understanding MS Dynamics GP Receivables Management book.  Check our web site for that book

  • L Vail Profile Picture
    L Vail 65,271 on at

    I love ya' Richard, but

    The CPA in me just can't let the reference to GAAP slip by.

    As you probably know, GAAP stands for Generally Accepted Accounting Principles. These principles are established by the Financial Accounting Standards Board (FASB). In short, they are rules for the preparation and presentation of financial statements. The goal of GAAP is to make sure that financial statements prepared according to their rules "present fairly" the financial position of an entity. GAAP has nothing to do with the payment terms described.

    The terms described are a bit unusual, but certainly not a departure from GAAP.

    I couldn't resist my dear friend.

    Kind regards,

    Leslie

  • Richard Whaley Profile Picture
    Richard Whaley 25,195 on at

    You know I'm not a CPA like you but one of my clients (yes, a CPA) said that.  Oh well, we can all be wrong some times.

  • Accounting Department Profile Picture
    Accounting Department 1,552 on at

    I'm trying to find alternatives to present to Accounting because this also makes it difficult to follow consistent aging buckets. There are contracts for many of our customers unique to our business - if they feel that following fiscal periods is the answer, then I need to find out what the real questions are.

    If they must have it this way I have suggested they date all their invoices using our fiscal month end, and then change payment terms to Due Upon Receipt.  Then the customers technically have 4 or 5 weeks to pay (depending on the month) before finance charges are assessed.

  • L Vail Profile Picture
    L Vail 65,271 on at

    Barb,

    Wow, this is conundrum (is that a word?). Being on your kind of year end is going to make payment terms a nightmare. Hmmm, let's think about this.

    We could manipulate the due date if you used a Date term. We'd need to change the 'Date' via sproc or something as your year went forward. Not a terribly difficult task because the dates are sitting right there in your database.

    EOM is tough to change because that is hard coded, you can always change the due date after the fact though. That could also be done with a procedure that ran automatically. I really think it's a doable (another questionable word) thing. Do you have any grace period to your EOM terms?

    In writing the SProc we'd need to establish a relationship between the static date and your fiscal 'month'. Not too hard since all we need to do is figure which fiscal period the transaction date lived in.

    If it's a big deal, (like a really big deal) it can be done without Dex programming. A little SQL magic can do it for you.

    Kind regards,

    Leslie

  • L Vail Profile Picture
    L Vail 65,271 on at

    Well heck Richard,

    As many years as you've known me should have tought you to question anything passed along by a 'CPA'.

    Love ya'

    Leslie

  • Accounting Department Profile Picture
    Accounting Department 1,552 on at

    Thanks for all the suggestions. I am going to look into the SQL route where the user can select their batch and run some kind of procedure that will update the Due Date to the month-end date selected/entered or something like that.

    I had hoped I could use Integration Manager, but a quick look tells me it only does Insert, not Update :(

  • Richard Whaley Profile Picture
    Richard Whaley 25,195 on at

    Yes, well while YOU are the CPA, I am a wordsmith.  Yes, conundrum is a word but the use is "a conundrum"

    HEHEHEHEH.  Please pardon us. Leslie and I are VERY GOOD FRIENDS and we do this to each other all the time and laugh about it.

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