Taking a discount when you print checks in Accounts Payable

 

Note: All the invoices in the check run that have discounts will only have the discount taken when the Check date that you enter in the Print Checks task is on or before the Discount date of the invoice, unless the Discount date on the invoice is blank then the discount is taken regardless of the check date.

1. Verify your AP Settings and vendor settings are correct. Refer to: How do I set up and enter discounts on an Accounts Payable invoice?
2. Enter or change the invoices with discounts as needed.
3. From the Tasks menu, select Select Invoices to Pay, On-screen List.
4. Enter the date of your check run in the Tentative check run date box.
5. Click Start and select your invoices for payment as usual.
   • Note: A 'd' appears in the Net To Pay column along with the discounted amount when you select an invoice where a discount tentatively applies according to the Tentative check run date entered. The discounted amount appears only if the Tentative check run date is on or before the Discount date on the invoice. The discount amount that appears in the Net To Pay column is for reference purposes only. The discount is not actually taken unless the actual Check date is on or before the Discount date of the invoice.
6. After you select your invoices, click OK and then click Close.
7. Run the Invoices Selected for Payment report (AP Reports, Invoice Registers) and enter the Tentative check run date. The discount amount will appear under the Discount column. If the discount will be taken, it will be reflected in the Net Invoice and Check Amount columns. If the discount will be lost according to the Tentative check run date, the word "Lost" will appear next to the discount amount and there will be no discount applied to the Net invoice amount or Check Amount for that invoice.
8. Print checks as usual (AP Tasks, Print Checks).
   • Note: If the Check date is entered as a different date than the Tentative check run date, you will receive different results than what was displayed in Select Invoices to Pay task or on the Invoices Selected for Payment report.