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Accounts payable

Apply accounts payable discounts

The application uses payment terms to calculate discount dates (based on the transaction date) and discount amounts (based on the transaction amount). You can set up an unlimited number of payment terms in the
Payment Terms
 screen, or add them when needed. When you turn on the
Accounts Payable
 service for a client, those payment terms will be available for the client to select for their vendors and payable transactions.
To turn on discount fields and calculations:
  1. Go to the
    Clients
     screen
  2. Select the
    Accounts Payable
     tab.
  3. Mark the
    Allow purchase discount
     checkbox
  4. In the General Ledger Accounts section, select a GL account in
    Discount
     to use for posting general ledger activity.
You can select payment terms or apply discounts to payable transactions in the following screens.
  • Vendors
  • Select the vendor or use
    Add
     to create a new vendor record
  • Select the
    Accounts Payable
     tab, then the payment term in the Payable Information section (or add it when needed).
  • If you save a payment term in the vendor record, the application selects it when you choose the vendor for a payable transaction in the
    Enter Payables
     screen. If discounts apply, the application calculates the discount expiration date and amount. You can still change the payment term, discount expiration date, and discount amount.
  • Enter Payables
    • If a payment term wasn't selected when a payable transaction was created, you can select it or add one on the fly to have the application calculate the discount expiration date and amount. Alternatively, you can enter the discount information.
    • You can select a payment term in the
      Rapid
       or
      Detail
       tab.
    • If you use the
      Rapid
       tab, select a payment term from the
      Pmt Term
       dropdown list for each payable transaction in the Transaction Detail grid.
    • If you use the
      Detail
       tab, go to the payable transaction and select the payment term in the Transaction Detail section.
  • Manage Payments
    • On the
      Rapid
       tab, select the transactions to pay or apply, then enter or update the
      Discount Taken
       column in the grid.
    • On the
      Detail tab
      , go to the transaction and in the Payment Application Distributions grid:
      • Mark the checkbox for each payable to include in the current payment application
      • Enter or update the
        Discount Taken
         column.
  • Payable Templates
    • If a payment term wasn't selected when a payable template was created, you can select it or add one when needed. The application will then calculate the discount expiration date and amount when a template is used to create a payable transaction.
    • You can select a payment term in either the
      Rapid
       or
      Detail
       tab.
      • On the
        Rapid
         tab, for each payable template in the Transaction Detail grid, select a payment term from the
        Payment Term
         dropdown list.
      • On the
        Detail
         tab, go to the payable template, then select the payment term in the Transaction Detail section.

This article applies to:

  • Product: Accounting CS, Accounting CS Client Access
  • Subject: Accounts Payable
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