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 |
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| 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.
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| Description
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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
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Enter the phase (if any) that will receive the credit amount when posting payments in Accounts Payable Payment Processing.
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| Task
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Enter the task (if any) that will receive the credit amount when posting payments in Accounts Payable Payment Processing.
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| Account
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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
.
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.
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| Apply Taxes
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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).
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