Discount Codes Tab of Company Accounts Payable Configuration

Use the Discount Codes tab to set up discount codes and their general ledger accounts for Accounts Payable vouchers for a project/phase/task.

On the Accounting tab in the Vendor Info Center, you select a discount code for a vendor and set up discount terms (discount percentage and the number of days in 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 firm 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 application, you may want to include the name of the organization.
Project

Enter the project that will receive the discounted credit amount when posting 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 Vision 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 you enter in this field cannot be specified as an automatic posting account on the Accounts tab in Configuration > Accounting > System Settings.

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 Vendor Info Center, 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).