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Are You Using Contract Billing in Dynamics GP?
Are you familiar with the amazing functionality for Contract Billing that is hidden inside Microsoft Dynamics GP and within the Field Service module? This functionality allows you to easily manage contracts with your customers with the ability to enter multiple lines of detail with item numbers whether it’s inventoried or a service type. One of the many benefits of this module is its capability to quickly generate multiple invoices from multiple contracts as well as perform revenue recognition to move dollars out of Deferred accrual account and into actual Revenue account. As actual transactions are processed, the billing schedules and revenue recognition schedules are updated to show the current status of your contracts. The image below shows the screen in which general contract information is entered. The key fields are the contract start date, number of periods, the billing frequency, and the day of the month to bill. You can also […]
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