The Dynamics GP Accounts Payable and Accounts Receivable Setup can be quite simple.
In this section we’ll cover the following:
- Aging Periods
- Default Accounts
You’ll likely be using the accounts payable and accounts receivable functions in Dynamics GP, so let’s take a look at how to set this up.
The first thing to do is to perform the Payables Management Setup. Navigate to: Microsoft Dynamics GP >> Tools >> Setup >> Purchasing >> Payables.
There are two key areas to complete here. The first thing you’ll want to do is to define your payables aging periods. You can have up to seven periods. You can have each period be as long in duration as you’d like, and you can name each period as you’d like. There are various other options you should review and consider. The Payables Management Setup screen will now display a four period aging schedule.
Next I recommend that you set up at least one Vendor Class. Vendor classes can be used to group your vendors for easier reporting, editing, and data entry. Access the Vendor Class Setup screen by clicking on the “Classes” button at the bottom of the Payables Management Setup screen.
The Class ID is user defined and can be up to 15 characters long. You should check the “Default” box on the first Class ID you create so that much of the information will become the default values when you create additional Class ID’s.
You will want to mark all four “Maintain History” selections. Also click on the “Accounts” button and identify the account numbers for the transaction types listed.
Download the entire document to get the full set of instructions on Dynamics GP Accounts Payable and Accounts Receivable Setup.