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We have a few vendors that offer trade discounts based on terms, for example .5%/10 Net 30. We have set up the payment terms to reflect this. However, it is applying the discount at the time we invoice, not when we pay. Does not matter when we pay, the discount has already been applied. We need for the invoice to be entered at full price and the discount to be taken when we pay, if paid on time. It is probably a setting issue. Does anyone use this feature? How is it set up?
There are 2 different concepts that I think may be getting mixed up here:
1. Trade Discount is a per vendor setting that will apply a discount right away, not based on anything else except the vendor ID and it will apply to all transactions entered for the vendor. This is what I suspect you have set up, but it is not what you want. This type of discount is typically used when you want to enter a list price for items on the vendor PO or invoice and have GP automatically calculate a discount for you. I don't see too many companies using this in GP.
2. Payment Terms discount - this is a discount that is solely based on whether you pay the invoice within the specified discount period. This is set up on the Payment Terms, and then the Vendor (or invoice) is set up to use that Payment Terms ID. I believe this is what you are looking to do.
Jodi, in Payables setup, you need to check the 'Exclude Expired Discounts from Payments' box. Also, read the Help file for the Payables window for a full explanation of the this functionality works.
Thank you! Yes, I had Trade Discount and the Payment Terms Discount both populated. Removed the Trade Discount and it worked correctly. Applied discount as long as payment was processed in time. Thank you!!!
I am having issue with discount calculation in GP. I have a payment term for a Vendor as 1/20N30. It will provide discount of 1% if pay within 20 days and Due date is 30 days . If I enter an invoice prior to 20 days then also GP shows a Discount of 1% in Discount available. Is there any setting available in GP by which Discount Available should reflect 0 while importing the old dated invoices and in Distribution there should not be a Discount Available Row. Kindly advise.
If you are importing transactions, you can specify a different Payment Terms ID for them that will not calculate a discount.
Hi All I have a question on Payment Term and Term Discount Allowed and Term Discount Taken in GP. I have set up a Payment Term as 1/10N30.
As per payment term if I import Invoice on or before discount available date GP is calculating Discount and also recording it in Term Discount Taken and added in distribution.
If I import invoice with same payment term after Discount available date, GP is calculating Discount available and keeping Term Discount Taken as 0 also not carrying the distribution But while posting it is showing Distribution Error.
Can someone let me know why GP is showing this Distribution Error?
Is there any internal setting available in GP where GP should show available discount as zero as I am importing Old dated invoice?
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