I have a vendor whose payment terms are 5% 15th of the next month but can't figure out how to setup the terms. For the regular due date you can select next month but not on the discount date. Does anyone know how to do this or do I have to manually override the discount date on every invoice?
Thanks for your help.
What Microsoft Dynamics product are you using?
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Microsoft Dynamics GP 10.0
Have you tried using the grace period settings? I don't remember if grace periods for the discount were available in version 10. For each vendor you can specify a grace period for the due date, and a separate grace period for the discount date.
Leslie Vail, CPA, MVP, MCT, MCITP, MCP, MCITSASCI, Inc. * PO Box 600965 * Dallas, TX 75360 * 972-814-8550 * firstname.lastname@example.org
Did you find a solution to this? I am having a similiar issue. If I setup this term as Due: Next Month 15th and Discount: Date 15th... the payment terms kick the due date out by 30 days when the actual discount and due date should be the same.
Any help is appreciated.
I was able to figure this out for my scenario. If you set the Due Date to Net 0 Days and set the discount date to Date 15th. It calculates the Due date to the 15th of next month and sets the discount date to the same.
Hope this helps.
The only problem with that is that my due date is Net 45 so it should have 2 separate dates for me. Also, if it is dated 1/5/13 it shows due 1/10/13 instead of 2/10/13. Any other suggestions?
Question for Daisy,
What is the exact term? You get x% discount if you pay when? And when is the Net due?
So for an invoice dated 1/05/2013 - it's due in 45 days, that's 02/19/2013
When and how much of a discount can you get if you pay early?
Question for Matthew,
The vendor gives a 5% discount if you pay the bill by the 15th of the following month.
Please tell me if I'm understanding this - here are some scenarios:
I get a bill dated 02/01/2013, I get a 5% discount so long as I pay it by 03/15/2013
I get a bill dated 02/28/2013, I get a 5% discount so long as I pay it by 03/15/2013
So, if I get a bill earlier in the month, I get more time to pay without losing the discount. Is that right? No matter what, the bill is due the 15th of the next month. If it's not paid by then I'm past due, is that right?
The terms are 5% 15th of the following month, net 45. So if the invoice is dated 1/1/13 I get a discount if paid by 2/15/13. That would also be the due date since it would be 45 days. If it is dated 1/28/13, I get a discount if paid by 2/15/13 but it wouldn't be due until 3/14/13. For the example you used, the due date would be 2/19/13 and the 5% discount would be available to take until 2/15/13.
Thanks for your help!
GP can't handle these payment terms. If you set the payment terms like this:
what you get is the correct Discount Date, but the due date is calculated as 45 days after the discount date. Right now, the only out of the box solution is to open the Edit Posted Documents window and change the due date. If you own Modifer with VBA you can update the due date after you save the record.
You could write a stored procedure in SQL that runs periodically, or on demand, to update the tables. Something like this:
SET DUEDATE = SOP30200.DOCDATE + 45
WHERE (SOP30200.PYMTRMID = '15% 15th, Net 45')
SET DUEDATE = RM20101.DOCDATE + 45
WHERE (RM20101.PYMTRMID = '15% 15th, Net 45')
Or, from the GP User Interface you could use the Edit Receivables Transaction window to change the Due Date of the record. Open the window by selecting Edit Transaction Information from the Transactions menu on the Sales Area Page. The window looks like this:
I do have the same question as Matt's scenario. How would you setup properly for that scenario? Would we do as Matt suggested and have the settings be set to Net 0 days and discount date 15? How does GP calculate these payment terms? Thanks!
GP calculates the due date by adding on whatever number of days in the 'Net' field to the discount date.
Your invoice came in on the 6th of May, according to your payment terms you get a 15% discount if you pay it by the 15th of the month. The invoice is due 45 days from the 6th of May.
5/6/2013 Date of invoice
5/15/2013 Discount if paid by
6/20/2013 Net due
If you set the payment terms like below:
GP would calculate the terms like this:
6/29/2013 Net due
It calculates the Net due as 45 days after the discount date.
Matt's scenario will not work for you because the date of the Net Due is different than the discount date. His invoice is due on the 15th. Setting Net to 0 means 0 days are added to the discount date resulting in a due date of the 15th. So basically, the invoice is due on the 15th. You miss the discount date, it's past due.
Does this help?
Sure, thank you. What if I were trying to set the Due date to next month on the 15th but the Discount Date were only 10 days? Say the invoice date is 1/1/2013. Would GP calculate the due date as the 3/15/2013? (Since 2/10 would be calculated as the discount date and 3/15/2013, since this would be the 15th of the next month from the discount date)
For due next month on the 15th and a discount date of 10 days:
Invoice date 1/1/2013
Due date 2/15/2013 (the 15th day of the next month)
Discount date 1/11/2013
I really think some kind of stored proc is going to be your best bet, and cheapest too.
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