Consolidate Customer Vendor Balances in Business Central
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Consolidate Customer Vendor Balances in Business Central
A company that you do business with might be both a customer and a vendor. When that’s the case, you can avoid making unnecessary payments or receipts by consolidating the customer and vendor balances. It’s easy to configure and process this by following the below-mentioned steps.
Under interactions fill the Bus. Relation Code for; fields for customers and vendors
Set up customer templates with number series.
Set up vendor templates with number series.
For this Create as Customer?or?Create as Vendor?actions on the?Contact Card?page, so for this first go to contact cards.
Just create a purchase invoice with the amount of 800, this balance will be shown on the customer card Balance as Vendor.
Just create a purchase invoice 1000, and this balance will be shown on the Vendor card Balance as Customer.
On the?Payment Journal?page, use the?Net Customer/Vendor Balances?action to consolidate the customer and vendor balances into a single net amount. The action creates but does not post, payment journal lines that contain the net balances.
Process cash receipts journal for outstanding sales invoices of 200. This will settle the customer and vendor accounts.
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