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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 Receivable service for a client, those payment terms will be available for the client to select for their customers and invoice transactions.
To enable discount fields and calculations, the Offer payment discount checkbox must be marked in the Accounts Receivable tab of the Setup > Clients screen, and a GL account must be selected in the Discounts field in the General Ledger Accounts section to use for posting general ledger activity.
You can select payment terms or apply discounts to receivable transactions in the following screens.
Select the appropriate customer or click Add to create a new customer record, click the Accounts Receivable tab, and select the appropriate payment term in the Invoice Information section (or add one on the fly).
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.
If a payment term was not selected when an invoice 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 invoice transaction 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 invoice transaction, and then select the appropriate payment term in the Transaction Detail section.
In the Detail tab, navigate to the appropriate 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.
In the Apply Customer Payments grid, select the transactions to apply, and then enter or update the amount in the Discount Honored column in the grid.
If a payment term was not selected when an invoice 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 an invoice transaction.
You can select a payment term in either of the tabbed pages in this screen.
- Rapid tab. For each applicable invoice template 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 invoice template, and then select the appropriate payment term in the Transaction Detail section.
Accounting CS
