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Discounted Receipts - AR

An AR billing is paid by the Customer. A discount on a billing is a potential discount that depends on when the Customer pays the billing and when the receipt is entered. eFinancials is set up so that you can grant Customers a discount if the billing is paid on or before the date entered into the Discount Due Date field during Billing Entry.

In order to give discounts on billings, you must:  PropertyCompany

• Set up the system by selecting an AR expense code to use for discounts; and
• Use one of three methods to give the discount during Billing Entry and Receipt Entry.

Setting Up

Select an Expense Code

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

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

Methods

Method 1 - Using Term Codes

1. Set up AR Term Codes.
2. Add a Term Code for a Customer on the Customer General Tab.
3. In Billing Entry, once you choose a Customer ID for the billing, the discount that is set up for the Customer defaults into the Discount Due Date and Discount Percent fields in General Information.
4. When the receipt is entered for the billing, the discount may be applied. Refer to the Field Lists for the Receipt Form for details.

Method 2 - Using Term Codes

1. Set up AR Term Codes.
2. In the Terms field, select a term and then the term defaults into the Discount Due Date and Discount Percent fields in General Information. Note that the selected Term overwrites any existing values in the field.
3. When the receipt is entered for the billing, the discount may be applied. Refer to the Field Lists for the Receipt Form for details.

Method 3 - Not Using Term Codes

1. It is possible to grant a discount for a billing without setting up Term Codes for a Customer. To do so:
2. In Billing Entry,  in the General Information section, enter a percentage into the Discount % field and a date into the Discount Due Date field.
3. When the receipt is entered for the billing, the discount may be applied. Refer to the Field Lists for the Receipt Form for details.

See Also

eFinancials Concepts