Setting up Purchase Invoice Entry - Payment

You can specify discounts and terms of payment to be applied in the following fields. If these fields are not completed, the Payment Terms specified in the Payment Terms Code field are applied.

  1. Open Purchase Invoice Entry (PIE).
  2. Specify this information in the Payment section:
    Payment Date
    The date by which payment is due. If this is not entered, and payment terms exist, the date is determined by the payment terms.
    Discount 1 Date
    Date by which payment must be made in order to receive the Discount Percentage.
    Discount 1 Percentage
    Discount percentage to be received if payment is made to the supplier by the Discount Date.
    Discount 2 Date
    Date by which payment must be made in order to receive the Discount Percentage.
    Discount 2 Percentage
    Discount percentage to be received if payment is made to the supplier by the Discount Date.
    Late Payment Date & Late Payment Percentage
    If the payment is overdue, you may want to charge interest on the late payment. You can specify the Late Payment Date and Late Payment Percentage. These details can be calculated from the payment terms, or entered manually. You can calculate the charge by multiplying the transaction amount by the percentage specified.
    Interest Date & Interest Percentage
    You may want to charge interest on the transaction amount, in which case you can specify the Interest Date and the Interest Rate Percentage. These details can be calculated from the payment terms, or entered manually. You can calculate the interest charged from this date by multiplying the transaction amount by the percentage specified.
    Payment Terms Group Code
    The code for any Payment Terms to be applied as defined in the supplier record.
  3. Save your changes.