Making Scheduled Payments in A/R

(available only on Great Plains for MSSQL)

Scheduled payments can be created for vendors who bill on an installment basis. The feature allows you to create payment schedules, calculate interest and amortization amounts, or perform “what-if” scenarios to determine the impact of various interest rates, payment amounts, frequency and installment number changes.

To enter a Scheduled Payment:

(Transactions – Sales – Scheduled payments)

  1. Enter a Schedule Number and description.  The next number defaults from Setup | Sales | Receivables Management Setup.
  2. Choose a Posted Sales invoice for Original Document Number.  Amount Remaining on the document must be greater than 0.00.
  3. Enter Posting Accounts.  The accounts receivable account will default from the original sales invoice.
  4. Enter your ‘what-if’ information, such as interest rate and number of payments, or calculated payment amount.  Click Calculate.  You can view the amortization schedule as well.
  5. Post the scheduled payment.  This will automatically create a credit memo and apply it to your original invoice.

To Post individual Scheduled Payments:  

(Routines –  Sales – Post Scheduled Payments)

You will need to post the individual scheduled payments from this window as they become due.  For example, if you choose the number of payments to be 12 before posting the scheduled payment document, you will see 12 individual documents here.

  1. Mark the checkbox for the payment you would like to post.
  2. This will create a Sales Invoice document.  At this time, you can apply customer cash receipts or payments to the invoice.
  3. The next time a payment becomes due, you will need to enter this window again and post the individual scheduled payment which in turn creates a sales invoice.

Naming convention for Scheduled Payment Documents (an example): 

Scheduled Payment Document:

SCHPY0000000000003

Individual Scheduled Payments (or invoices):

SCHPY0000000000003001, SCHPY0000000000003002, SCHPY0000000000003003, etc.

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