Select  to Compute a Discount

On the global policy Invoice Tab, you must select when the system should compute a discount if one is due. Your options are to compute the discount during invoice entry or during payment; so, in Take Discount field, ensure that either Invoice Entry or Payment is selected

Select an Expense Code

On the company Accounts & Expense Codes Tab you must select an AP expense code for the discount.

On the property Exp. Codes tab you must select an AP expense code for the discount.

Set Up Discount Terms

On the vendor General Tab, you must set up the terms under which a discount is due. Complete the following fields: Discount Rate, Discount Days, Net Days. For example, if the vendor offers a discount rate of 2/10 n/30—that is, 2% discount if you pay in 10 days; the net amount of the invoice is due in 30 days, make the following entries:

At Discount Rate, enter 2 for 2%.

At Discount Days, enter 10 for 10 discount days.

At Net Days, enter 30 in the following field for 30 net days.

Select to Force Discounts

If you want to take a discount when paying an invoice regardless of the discount due date, this is called a Forced Discount.

When you enter an invoice for the vendor, the system checks the polices to see if it should be computing a discount. If the answer is yes (Invoice Entry is selected), the system looks at the vendor General Tab to see if discount-related fields have entries. If the fields are complete, the system then examines the invoice to see if it meets the terms.

The system looks at the Due Date field on the Invoices page to get a starting date, and if that starting date causes the invoice to meet the vendor terms, the system computes the discount.

The system then looks at the propertycompany General TabAccounts & Expense Codes Tab to get an expense code and displays the transaction on the Invoices screen. In addition, for reference, the discount due date and percentage from the vendor General Tab appear in display-only fields on the Invoices page.

The system also creates a credit memo in the background. If you make additional changes to the invoice after the initial automated computation, you need to edit the credit memo manually.

When you select an invoice during a check run, the system checks the polices to see if it should be computing a discount. If the answer is yes (Payment is selected), the system looks at the vendor General Tab to see if discount-related fields have entries. If the fields are complete, the system then examines the invoice to see if it meets the terms.

The system looks at the Due Date field on the Invoices screen to get a starting date, and if that starting date causes the invoice to meet the vendor terms, the system computes the discount.

The system then looks at the propertycompany General TabAccounts & Expense Codes Tab to get an expense code and displays the transaction in the display-only Discount column on the check runs Search Results Tab and Check Run Tab.

The system also creates a credit memo in the background. If you make additional changes to the invoice after the initial automated computation, you need to edit the credit memo manually.

The automatic set up does not apply to recurring invoices. If a discount is due on a recurring invoice, you must enter it manually by adding a discount line item to the invoice.

 

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