Accounts receivable discounts
Accounting CS makes it easy to calculate discount dates and amounts automatically using payment terms. These calculations are based on the transaction date and amount.
To get started with discount fields and calculations:
- SelectSetupthenClients.
- In theAccounts Receivabletab, selectOffer payment discount.
- Select a GL account in theDiscountsfield under the General Ledger Accounts section for posting general ledger activity.
- Once your accountant enables the Accounts Receivable service in your Accounting CS application, you'll be able to use payment terms to automatically figure out discount dates and amounts. You can set up as many payment terms as you need at, or just add them manually.
- To enable discount fields and calculations, mark theOffer payment discountcheckbox in the Accounts Receivable tab of theClientsscreen. Also, pick a GL account in theDiscountsfield in the General Ledger Accounts section for posting general ledger activity. If your accountant hasn't given you editing privileges on this page, the fields will be disabled.
- Select payment terms or apply discounts to receivable transactions in the following screens:
- Select theCustomeror selectAddto create a new customer record.
- Select theAccounts Receivabletab, and then the payment term in theInvoice Informationsection.
If you save a payment term in the customer record, the application automatically selects that payment term when you select the customer for a receivable transaction in the
Enter Invoices
screen. If discounts are applicable, the application automatically calculates the discount expiration date and amount. You can select a different payment term if needed, and you can add or update the discount expiration date and amount.Invoices
If a payment term was not selected when an invoice transaction was created, you can select one in this screen or add one manually. The application automatically calculates the discount expiration date and amount. You can also manually enter discount information.
You can select a payment term in either of the tabbed pages in this screen.
- Rapidtab. For each applicable invoice transaction in the Transaction Detail grid, select a payment term from the dropdown in thePayment Termcolumn.
- Detailtab. Go to the invoice transaction and then select the payment term in theTransaction Detailsection.
Customer Payments
In the
Detail
tab, find the transaction. In the Apply Transactions
tab in the Transaction Detail section, mark the checkbox for each transaction to include in the current payment application, and then enter or update the amount in the Discount Honored
column.To apply customer payments, in the Apply Customer Payments grid, select the transactions and then enter or update the amount in the
Discount Honored
column in the grid.If a payment term wasn't selected when an
invoice template
was created, you can select one in this screen or manually enter one. The application automatically calculates the discount expiration date and amount when a template is used to create an invoice transaction.
