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Accounts receivable

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:
  1. Select
    Setup
     then
    Clients
    .
  2. In the
    Accounts Receivable
     tab, select
    Offer payment discount
    .
  3. Select a GL account in the
    Discounts
     field under the General Ledger Accounts section for posting general ledger activity.
  4. 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
    Setup
    Firm Information
    Payment Terms
    , or just add them manually.
  5. To enable discount fields and calculations, mark the
    Offer payment discount
     checkbox in the Accounts Receivable tab of the
    Clients
     screen. Also, pick a GL account in the
    Discounts
     field 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.
  6. Select payment terms or apply discounts to receivable transactions in the following screens:
    1. Select the
      Customer
       or select
      Add
       to create a new customer record.
    2. Select the
      Accounts Receivable
       tab, and then the payment term in the
      Invoice Information
       section.
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.
  • Rapid
     tab. For each applicable invoice transaction in the Transaction Detail grid, select a payment term from the dropdown in the
    Payment Term
     column.
  • Detail
     tab. Go to the invoice transaction and then select the payment term in the
    Transaction Detail
     section.

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.

This article applies to:

  • Product: Accounting CS,Accounting CS Client Access

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