|‘Cash discounts’ can be given to customers or by vendors when invoices are paid by a specific date. These can be set up for both Customers and Vendors and are used for both Sales and Purchase orders.|
Cash discounts can also be used when entering invoices directly in the accounting journals.
Setting up cash discounts
Several set up steps are necessary in order to use cash discounts in Uniconta, as described below.
Terms of payment
(Click on screenshots to enlarge.)
Click on ‘Add’ or ‘Edit’ in the ‘Terms of payment’ toolbar/ribbon to add or edit terms of payment. The example below shows the detail form for payment due in 14 days, with a 5% discount if payment is made within 10 days. In this case the user has chosen to enter a short payment name of ‘NT_14_5_10’.
Ledger accounts for cash discounts can be created within the Vendor and Customer modules where required.
Use the navigation panel, for example, to go to Vendor/Maintenance/Vendor groups and click on ‘Add vendor group’ or ‘Edit’ to add or edit a vendor group.
The same can be performed in the Customer module to edit any customer group.
Select a cash discount ledger account for each Customer/Vendor group under the ‘Settlement discount’ account selection dropdown menu. In the example below, account ‘40320 – Discounts and Allowances (vendor related)’ is chosen.
(Click on the screenshots to enlarge).
Vendor cash discounts
Other useful links