Use the Discount Codes tab to set up discount codes and their general ledger
accounts for
Accounts Payable vouchers for a
project/phase/task.
In the
Firms hub, you select a discount code for a
vendor and set up discount terms (a discount percentage and the tie period to which it applies).
Contents
| Field | Description |
|---|
| Code
|
Enter a code to identify this discount code, using up to 10 characters of free text. For example, you can define the normal discount offered by your enterprise as Standard.
|
| Description
|
Enter a description for the discount code. The description is used in place of the code on
accounts payable reports. If you are using the
Organization Reporting application, you may want to include the name of the
organization.
|
|
Project
|
Enter the
project that will receive the discounted credit amount when you post payments in
Accounts Payable Payment Processing.
When you reference an income statement
account, you must specify a
project number. This
project is usually an overhead
project.
|
|
Phase
|
Enter the
phase (if any) that will receive the credit amount when posting payments in
Accounts Payable Payment Processing.
|
|
Task
|
Enter the
task (if any) that will receive the credit amount when posting payments in
Accounts Payable Payment Processing.
|
|
Account
|
Enter the
account to which
DPS will credit the discount amount.
You can only enter a balance sheet, indirect expense, or other revenue and expense
account in this field. Also, note that the
account that you enter cannot be specified as an automatic posting
account on the
Accounts tab in
.
You may want to create an indirect
account (700.00-799.99 in the standard chart of
accounts) in which to track discount amounts, such as 793.00 - Discounts Taken.
|
| Apply Taxes
|
If you want the discount applied to taxes included on a voucher, select this check box. With this check box selected, if a
vendor has a discount code and a tax code set up in the
Firms hub, when you post a check for a voucher with taxes applied, the discount is also applied to the tax amount (if the payment falls within the discount period).
|
