Setup 2% 10th, Net 30 ?

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Posted on by Don Schroeder

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How do you setup terms of 2% 10th Net 30? My current setup is making the due date 30 days after the 10th but the payable should be due 30 days after the day of the invoice. My current setup is Due: Net Days 30 Discount: Date 10 Discount Type: Percent 2 Calculate Discount On: Sale/Purchase

The terms should calculate as follows: Invoice Date 6/25/10 Discount date 7/10/10 Due date 7/24/10

The current terms calculate incorrectly as follows Invoice Date 6/25/10 Discount date 7/10/10 Due date 8/10/10

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L Vail 65,271 on at

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I think it should be:

Net Days: 30

Discount Days: 10

Percent: 2%

If you set it at discount date you will not get the results you want.

Kind regards,

Leslie

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L Vail 65,271 on at

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Don,

I'm sorry, I mis-read your post.

Let me summarize to make sure I understand now. No matter what the date of the invoice, if it is paid by the 10th of the month then they get a discount. So, if the invoice was dated 07/08/10, they would only get the discount if they paid by 07/10/10. The invoice would be due 30 days after 07/08/10 regardless.

Is this correct?

Kind regards,

Leslie

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Don Schroeder 115 on at

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Yes, That is basically how the vendor works their terms. Except they offer two discount dates (10th or 25th).

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L Vail 65,271 on at

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Don,

I am getting the same results. I tried using the grace periods, but it did the same thing.

Kind regards,

Leslie

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MG-16101311-0 26,225 on at

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Don,

Your case is starting to sound awefully similar to this one I posted in an article last year on my blog at "End of Month + Net Days" payment terms due date calculation. Please confirm if this is the case.

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Don Schroeder 115 on at

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This is different then EOM + Net Days because the due date is always 30 days from the date of invoice. The problem that GP Dynamics is calculating due date 30 days from the discount date.

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MG-16101311-0 26,225 on at

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Leslie is right with her setup. If you set the payment term as follow this should work:

Due: Net Days, 30

Discount: Date, 10

Discount Type: Percent, 2

This should work. However, your problem is that GP only supports one payment term per document, so if you assign the 10th as a discount date, you will not be able to assign the 25th to the same document. The vendor is doing this to be fair to customers who buy on after the 10th of the month, but before the 25th (only so, this would make sense). So, here is what I suggest:

1. Setup both payment terms: 2% 10th NET 30 and 2% 25th NET 30.

2. Like the trigger in article, set a SQL trigger on PM20000. You will want to create the logic to assign the proper payment term and calculate the proper due date and discount date based on the invoice date. So, for example,

Invoice date: 6/25/2010; Due Date: 7/24/2010; Discount date: 10th

, would get assigned the payment term of 2% 10th NET 30.

Invoice date 6/10/2010; Due Date 7/09/2010; Discount Date: 25th

, would get assigned the payment term of 2% 25th NET 30.

So, it's safe to say that any invoice dated from the 25th of the month of the invoice and the 9th of the following month would get assigned the 2% 10th NET 30, and any invoice dated between the 10th of the month and the 24th of the current month, would get assigned the 2% 25th NET 30.

As I said, you may be able to do this with a SQL trigger.

However,

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Don Schroeder 115 on at

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I did not want to confuse the thread by talking about both vendor terms but I do have two seperate terms setup Neither works correctly. The 2% Discount date 25, net days 30 also calculates incorrectly. Both payment terms calculate the due date 30 days from the discount date. The 2% 10th net 30 sets the due date on the 10th of the following month and the 2% 25th net 30 sets the due date to the 25th of the following month.

I need the due date to calculate 30 days from the date of invoice.

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MG-16101311-0 26,225 on at

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This all points to a bug. I would have expected the system to calculate the Net 30 based on the invoice date, not the due date. I will report this to MS to see if this is "as designed" or if it's in effect a bug.

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Don Schroeder 115 on at

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Thanks for all the help Mariano.

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