How Do I Take Discounts when paying my Suppliers?

When your carriers or other suppliers offer discounts for paying within their terms the system will automatically calculate and take these discounts against your payments.

To use this feature complete the following:

1. Set up the appropriate terms in your company setup by going to Main Menu > Setup> Change Company Information - Move to the Sales/Invoicing tab

Enter the terms in the Type of Payment table. Select Done to save your entry.

2. Populate your Supplier records with the appropriate terms by selecting Main Menu> Purchases> Work with Suppliers. Select the Supplier you want to work with from the start screen by clicking the open folder icon on the far left.

Choosing the terms in the Supplier file will cause those terms to be automatically populated when that Supplier is used.

Note - The default terms can be overridden if necessary.Terms can also be selected when entering bills or creating carrier payables. Populating the Supplier file is not required.

3. When paying bills that are eligible for a discount you will see the following message :

The system will calculate whether or not the bill is eligible for a discount by looking at the invoice date, payment date and the terms selected. Select Yes to take the discount. The payment record that is created will reflect the discount.

That's it!