GP #LifeHacks 150: Make Payments using Credit Cards for Payables Transactions in Dynamics GP

Making payments in Dynamics GP is pretty easy and interacts nicely with the Bank Reconciliation module.  This is true for payments made via EFT and paper check.  However, organizations who make payments using credit cards often have to do a bit of a work around in order to get these transactions handled correctly within the system.  This makes reconciling painful… even though using the CC makes things easier on the front side.

GP Life Hack #150

With the release of GP 2016 earlier this year, we now have the ability to flag a select checks payment batch as ‘Credit Card’.  Take a look at the screenshot to the right:

Note that the origin is still Computer Check but we now have a new payment method of Credit Card.

150 2.png

When CC is selected as the payment method, rather than a particular checkbook, we now must designate which Credit Card we used (or will use) to pay the invoices in this batch.

150 1.png

The Credit Card setup window allows us to control if this CC is available for payments to vendor and/or receipts from customers. Once setup, the CC will use a particular Vendor ID that the payments will get setup against. What that means is that as you use the CC, the system will automatically create an invoice against the CC Vendor ID… AWESOME!!! Just wait for their bill, create an invoice to match any interest fees/etc. and you are good to go.

As you work 150 3.pngthrough the payment process, take note to the change in the window to the right.

Since these transactions are flagged against the Credit Card and not the checkbook, reconciliation will be a breeze!

Note that these transactions can still be emailed or printed to provide remittance to payment recipient.

Thanks for reading!

Shawn

GP Life Hack #150 … click to see original posting

 


Shawn Dorward

Microsoft MVP, Business Solutions

GPLifeacks.com | LinkedIn | Twitter | GPUG | MSDYNGP

 

Original Post: https://gplifehacks.com/2016/11/10/gp-life-hack-150-make-payments-using-credit-cards-for-payables-transactions-in-dynamics-gp/

 

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