Customer/Vendor Consolidations in Microsoft Dynamics GP

by | Updated January 29, 2020 | Dynamics GP

Customer/vendor consolidations in Microsoft Dynamics GP allow you to set up a relationship between a company that is a vendor as well as a customer. If you’re purchasing and selling items to the same company, you’ll save time and resources by setting up customer/vendor consolidations. This functionality consolidates the balance you owe and the balance they owe you, meaning no more sending and receiving redundant checks.

To set up this features go to Tools > Setup > Company > Customer/Vendor Setup

Once you enter this window, you will define the defaults that will happen with each transaction. Here you’ll need to set the default suspense account, description and the options of setting up specific prefixes for descriptions. Your description will always start with ‘BALTRANSFER’ so you know it’s a balance coming from a customer or vendor. You can also mark to auto-create customers/vendors so any time you create a customer, it will automatically create a vendor with the same ID and name.

From this window, you can view who you have set up as relationships on the sales and receivables side.

Once you have the relationship set up, go to Customer/Vendor transactions. That’s where you create the transactions that go between sales and payables. From there you choose the customer and vendor, date to transfer.

Customer Vendor Consolidations

Credit and debit memos will be automatically created once you post the transaction. You can preview the transaction prior to posting.

Once you have this functionality set up you’ll no longer have to worry about manually processing or sending out unnecessary checks. For more help on this topic, contact Stoneridge Software.

Related Posts

  • Whether you’re looking to upgrade to the latest release of Microsoft Dynamics GP, get more information about new features, or request year-end close assistance, the resources below will connect you…

  • Need to issue a refund check in Microsoft Dynamics GP? You can cut a check directly out of payables in Microsoft Dynamics GP by using the ‘refund checks’ functionality. All you need…

  • If you have accidentally voided the wrong check in Microsoft Dynamics GP, or selected the wrong vendor for the AP transaction, you can recreate the transaction to ensure the vendor account…

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Upcoming Events

january

14jan11:00 am12:00 pmConfab with Stoneridge - Livestream - Looking Forward: Predictions for Technology in 2021

20jan10:00 am10:30 amThe Modern Manufacturer - Demand Forecasting Functionality

27jan12:00 pm12:45 pmFour Keys to Choosing the Best ERP or CRM Solution: Part 1 – Fit

28jan11:00 am12:00 pmConfab with Stoneridge - Livestream - Ask the Experts!

february

03feb10:00 am10:30 amThe Modern Manufacturer - Enterprise Asset Management

03feb12:00 pm12:45 pmFour Keys to Choosing the Best ERP or CRM Solution: Part 2 – Platform

10feb12:00 pm12:45 pmFour Keys to Choosing the Best ERP or CRM Solution: Part 3 – Implementation Partner

11feb11:00 am12:00 pmConfab with Stoneridge - Livestream - Live Agents, Power Virtual Agents, Omnichannel – Oh My!

16feb12:00 pm12:45 pmFour Keys to Choosing the Best ERP or CRM Solution: Part 4 – Cost

17feb10:00 am10:30 amThe Modern Manufacturer - Machine Maintenance Work Orders

25feb11:00 am12:00 pmConfab with Stoneridge - Livestream - Surfing Through the Dynamics 365 Wave 1 2021 Release

About Stoneridge
Stoneridge Software is a unique Microsoft Gold Partner, with emphasis on partner. With specialties in Microsoft Dynamics 365, Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP and Microsoft Dynamics CRM, we focus on attracting the most knowledgeable experts in the field to our team, and prioritize delivering stellar solutions with maximum impact for your business. At Stoneridge, we are deeply committed to your results. Each engagement is met with a dedicated team, ready to provide thorough, tailored, and expert service. Based in Minnesota, we intentionally “step into your shoes,” wherever you are. We focus on what you care about, and develop trusting, long-term relationships with our clients.

Subscribe To Our Blog

Sign up to get periodic updates on the latest posts.

Thank you for subscribing!

X