+2I have a supplier that allows us 5% discount if paid in 10 days or 2% if paid within 25 days and net due in 31 days. I have tried setting up a payment term to calculate that but it isn’t working in my testing, either IFS functionality doesn’t support that or my setup is incorrect?
Hi,
I did a quick review twice, It looks OK. It looks like it should work. FYI, this type of payment term is not that uncommon. I’ve used this concept a number of times with my clients.
My suggestion is to test again. It should work (based on the quick reviews). You clearly selected an option that I’ve seen others omit (affect payment date). Due to this, it should work.
Please test again. Wondering if the automatic payment proposal (if that’s how this was tested) is affecting the results. Users can enter various dates, and those dates may push payment outside the expected test data results.
Suggestion, enter invoice with this payment term, save. Then look at installment plan and discounts. This will show the discount dates and discounts. Also review the planned payment date. Based on your settings the planned payment date should be based on the discount. If a user pays after the date, the discount is omitted. If you always plan to pay a bit late and still wish for the discount, we have a setting to allow X number of days and still take the discount.
Best regards,
Thomas
+2The installment plan is correct, however, when we print the check it isn’t taking the discount in the correct date/amount.
Hi,
Often when selecting checks clients use a date that may be outside the terms. For example, assume today March 25. I’ve seen a number of clients selecting invoices out to Friday next week or beyond setting payment date as the same. That payment date (set by the user) can easily be outside the discount terms.
I’ve seen the above a few times.
Unfortunately, my testing environment is down, I can’t show example.
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