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The Scheduled Payments process in Dynamics GP is geared towards setting up payments for an amortized schedule such as a car payment, etc. In essence, this creates a “payment” on an existing invoice and then “re-enters” the invoice as several invoices while calculating principal and interest for you and posting those accordingly. Its kind of awesome!
You can set up Scheduled Payments in both Sales and Purchasing – we will focus on setting up a Purchasing Scheduled Payment in this blog.
The first step is to enter an AP invoice for the Vendor and post it, just the same as you normally would.
At Purchasing>Transactions>Scheduled Payments
When Done Here, you can even view and print the Amortization Schedule!
As soon as you are satisfied with the results of the calculation remember to POST the scheduled payments. This will NOT place these invoices out into an Open Status for the vendor at this point – you have to MANUALLY post these.
*See Below for Tables of How the Posting Accounts Work*
The first thing to do will be to Post each scheduled invoice. The place to post these is at Purchasing>Routines>Post Scheduled Payments.
Pull up the Schedule Number or Vendor ID to select the invoices to Post (you CAN post them all at once, but this is not recommended. I recommend setting an alert to post these for payment on a monthly basis).
As an alternative to pulling up the invoices by Schedule Number or Vendor ID is to enter the “Cut Off Date” you are looking for – this will bring up the invoices for ALL of your schedules to be marked and posted. (remember to hit “redisplay”)
Once you click Post, this will create an invoice for payment in your AP and post the principal and interest to your GL for the month (or period for your payment).
As noted in my example, I paid a down payment, let’s assume by cashiers check so I will be entering a manual payment for that down payment. As you can see from the screenshot – the $30,000 is the remaining balance on my initial invoice.
I could then pay the scheduled payments though any other regular payment method – including select payments OR manual payments.
Original Purchase of the Automobile
Accounts Payable 000-2100-000
Payables Offset posting account 000-2800-000 (Note Payable)
Creation of Schedule Posting Effect
Accounts Payable (Amt of Invoice Above Less Down Payment)
Payables Offset (Amt of Invoice Above Less Down Payment) In My Example, the Note Payable Account
Period Posting of Schedule Effect
Payables Offset In My Example, the Note Payable Account
Process Payment of the Scheduled Invoice
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