Applying accounts payable discounts

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Change to CS Support service hours

Our Support department is closed on Friday, April 28th for a company event. However, limited Accounting CS phone support is available on that date from 9 AM - 5 PM ET due to the approaching deadline for quarterly payroll tax forms.

Links to our most popular payroll tax processing topics are available in the Alerts and notices section on the right side of most pages.

Accounting CS uses payment terms to automatically 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 Setup > Firm Information > Payment Terms screen, or you can add them on the fly. When you enable 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 enable discount fields and calculations, the Allow purchase discount checkbox must be marked in the Accounts Payable tab of the Setup > Clients screen, and a GL account must be selected in the Discount field in the General Ledger Accounts section to use for posting general ledger activity.

You can select payment terms or apply discounts to payable transactions in the following screens.

Select the appropriate vendor or click Add to create a new vendor record, click the Accounts Payable tab, and select the appropriate payment term in the Payable Information section (or add one on the fly).

If you save a payment term in the vendor record, the application automatically selects that payment term when you select the vendor for a payable transaction in the Enter Payables 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.

If a payment term was not selected when a payable transaction was created, you can select one in this screen (or add one on the fly) to have the application automatically calculate the discount expiration date and amount. Or you can manually enter discount information in the applicable fields.

You can select a payment term in either of the tabbed pages in this screen.

  • Rapid tab. For each applicable payable transaction in the Transaction Detail grid, select a payment term from the drop-down list in the Pmt Term column.
  • Detail tab. Navigate to the applicable payable transaction, and then select the appropriate payment term in the Transaction Detail section.
  • Rapid tab. Select the transactions to pay or apply, and then enter or update the amount in the Discount Taken column in the grid.
  • Detail tab. Navigate to the appropriate transaction. In the Payment Application Distributions grid, mark the checkbox for each payable to include in the current payment application, and then enter or update the amount in the Discount Taken column.

If a payment term was not selected when a payable template was created, you can select one in this screen (or add one on the fly) to have the application automatically 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 of the tabbed pages in this screen.

  • Rapid tab. For each applicable payable template in the Transaction Detail grid, select a payment term from the drop-down list in the Payment Term column.
  • Detail tab. Navigate to the applicable payable template, and then select the appropriate payment term in the Transaction Detail section.

Related topics

Accounts Payable service, overview

Accounts payable process workflow

Setting up payment terms

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