how do i account for supplier settlement discounts when paying a supplier

Arthur Bortz
Arthur Bortz Member Posts: 39 ✭
edited June 2019 in Accounts Hosted
how do i account for supplier settlement discounts when paying a supplier

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  • John G
    John G Reckon Staff Posts: 1,576 Reckon Staff
    edited February 2017
    Hi Arthur,

    Welcome to the Reckon Community.

    You will need to create a Credit Note for the discount and then apply it to the Bill to finalise the payment of that Bill.  

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    Hope this helps.

    regards,
    John
  • Lyn Rumble
    Lyn Rumble Member Posts: 3 ✭
    edited September 2016
    I have just spoken with Reckon Support and there is a way to see the discount applicable to a bill that relates to the suppliers terms. The amount is calculated by the software in accordance with the terms. You don't have to create a credit.

    I just can't get in there again after speaking with him. It is frustrating.
  • Lyn Rumble
    Lyn Rumble Member Posts: 3 ✭
    edited September 2016
    Finally got the correct advice - each invoice must be paid then go back into the supplier centre and find the payment - click on it and there will be a discounts button down the bottom - apply the discount and change the cheque. Each invoice needs to be paid and then changed individually.
  • Shirley Ingle
    Shirley Ingle Accredited Partner Posts: 138 Accredited Partner Accredited Partner
    edited December 2016
    Hi Lyn  I would question the 'correct advice'. Pre GST that method would have been ok. Since GST (July 2000) that method does not work correctly. Reason being as it does not pick up the amount of GST applied to the discount. The method John advised Arthur is the only way if the client is registered for GST. Same goes for Customers, you create an Adjustment note and apply to an invoice. 
  • Lyn Rumble
    Lyn Rumble Member Posts: 3 ✭
    edited September 2016
    Oh ok - thank you.

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