My CFO and I are having a discussion of check payments from customers.
A few of my best, long-time customers have 1% 10 early pay terms. They generally write the check on or before the discount date, then mail it. I get it in the mail some days later. Presently, when I get a check, I enter the check date (not the date I got it in the mail) in the receive payments window and quickbooks calculates the discount automatically. When receiving against an invoice, the discounts and credits window auto fills the discount they took (rarely do I have to change it and when I do, it's because they took less of a discount. Shrug.)
My CFO bristles at the fact they take the discount based on the check written date, and not planning on the check arriving in my mailbox before the discount date. I generally don't want to nitpick at my biggest and most important customers who never ever pay late. I don't want to be constantly calling them because X payment arrived in my mailbox a few days away from the discount date and challenging the discount they took.
She acquiesced that it's not worth the hassle nor the nitpicking. But I'm curious what others do about this?
