This article offers a proven tip for handling vendor payments for credit memos.
Originally published in Q3 2017 GPUG Magazine
The tip explained below – vendor issues a check to pay for a credit memo – was inspired by a question on the GPUG Open Forum:
1. Administration > Setup > Customer/Vendor Setup
- Enter the Clearing Account
- Check the boxes to Auto Create Customer/Vendors (This will use the same ID to create the Customer or Vendor)
- Enter Vendor and Customer Classes (I like making a special class for each.)
2. Sales > Cards > Customer/Vendor
- Lookup Vendor
- Click “Create Customer”
- Save New Customer
3. Create Transaction: Sales > Transaction > Customer Vendor Transaction (The screenshot below shows how to use the screen; Clicking Preview shows the transactions that will be created.)
4. After Posting, you can enter an AR Cash Receipt to receive the payment from your vendor. Note: This feature is included with the “Starter Pack” of Microsoft Dynamics GP.
