If you find that one of your customers has become one of your vendors, or a vendor has become a customer, Microsoft Dynamics GP’s Customer/Vendor Consolidation functionality can save you time creating records and give you a consolidated or combined view of the customer/vendor relationship. This tool enables you to quickly transfer information between Receivables Management and Payables Management, creating a new vendor record that uses information already available in a customer record, and vice versa.
Customer/Vendor Consolidation in Microsoft Dynamics GP enables you to:
- Automatically create new vendor or customer records.
- Consolidate balances in Payables or Receivables for the same company.
- Assign relationships between existing customers and vendors.
- Track the consolidations.
- Apply all open Payables/Receivables debit and credit documents against each other to consolidate current balances.
To set up Customer/Vendor Consolidation, assign a suspense account that will act as an offset account between Receivables and Payables (Administration > Setup > Company > Customer/Vendor Setup). Assign default vendor and customer classes to be mapped when a vendor or customer is automatically created. Then map the vendor and customer relationship.
If you have a transaction in Payables for $1000 for the vendor Lady Gaga, and another in Receivables for $1000 for the customer Lady Gaga, you can consolidate these using Customer/Vendor Transactions (Sales > Transactions > Customer/Vendor Transactions). When you consolidate all documents, you can see a list of all transactions for Lady Gaga that includes both Payables and Receivables.
Little increases in efficiency add up, and Customer/Vendor Consolidation is just one of many little increases in efficiency you have access to with Microsoft Dynamics GP.
