Taking Purchase Discounts

Accounts Payable Payment Selection provides the ability to select invoices based on either the due date or the availability of prompt payment discounts.

Most companies actively seeking purchase discounts will have a mix of outstanding invoices, some carrying discounts, others (such as the telephone bill) with no discount. For example, company XYZ has invoices with discounts and some without discount terms. They want to pay invoices through 10/10/15.

The following steps are required to complete this process:

  1. Select invoices through 10/10/15.
  2. Take discounts with dates from 10/10/15 through 10/20/15.
Take Expired Payment Discounts
Select the Preferences option and set the Take expired discounts? checkbox accordingly.
Note: This is a toggle switch, which means you can set it to take discounts and then add a group of invoices that will take payment discounts. You can then toggle the switch off and add another group of invoices. This time the group of invoices added won't take expired payment discounts.