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Reduce the Principal Amount on a Scheduled Payment in Receivables Management for Microsoft Dynamics GP


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Symptoms

This articles describes how to reduce the Principal amount on a Scheduled Payment in Receivables for Microsoft Dynamics GP.

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Cause

If you have an overage on a cash receipt, you may apply this overage to the principal amount using Principal Payments functionality in the Apply Sales Documents window. 

Note: This functionality is not available for a credit memo.


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Resolution

When a customer sends a payment that has an additional amount that is to be applied to the principal, you can use the Principal Payments functionality to apply the overage to reduce the remaining principal on a scheduled payment. To do this, follow these steps:

1. While keying the cash receipt, click on the Apply button. Or you can post the cash receipt and then open the Apply Sales Documents window. To do this, click on Transactions, point to Sales and click Apply Sales Documents.

2.  In the Apply Sales Documents window, mark the scheduled payment invoice to apply to.

3. Click OK.

4.  If your cash receipt has a larger amount than the scheduled payment invoice is for, you will prompted with the following message:

Would you like to apply the principal payment amount to the principal?

Note: Having more than one open scheduled payment will prevent you from applying the overage to the principal payment, and therefore, the above message will not pop up for you when you apply a cash receipt with an overage to only one of the open scheduled payment documents. For the Principal Payment window to pop up, you would have to first apply to all the open scheduled payments first. If you apply to just one open scheduled payment, and not any others that are open, the Principal Payment window will not pop up.  This is by design.

Note: There was a known issue (Bug #58248) in earilier versions that this message would not pop up if Project Accounting was installed, but this was fixed in SP5 for Microsoft Dynamics GP 10.0 and SP1 for Microsoft Dynamics GP 2010.


5. Click Yes. The Principal Payment window appears to confirm the action.

6. Click OK to apply the amount listed to the principal for the Schedule Number listed. It will recalculate the Principal and interest amounts on this scheduled payment to adjust. 

7. Click OK in the Apply Sales Documents window.


8. Click Post to post the cash receipt, if applicable.

Note: After the principal amounts have been adjusted, the overage will be displayed in Inquiry as a separate document with a sequence number of 'A01'. (The regular released scheduled payments had '001', '002', etc as the sequence numbers.)







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Article Info
Article ID : 2844603
Revision : 1
Created on : 1/7/2017
Published on : 4/26/2013
Exists online : False
Views : 219