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IS THERE A WAY TO APPLY A EARLY SETTLEMENT DISCOUNT TO BILLS BEFORE PAYING THE SUPPLIERS?
Glad you're here, @CJ GOOCH.
I've got the detailed steps to apply an early settlement discount to bills.
When you receive a bill from a supplier, you can record it and pay it when it’s due. To record an early payment discount, you may create a new income account to track the amount. Then, add it as a new line item on the supplier bill.
Here's how:
Once done, add this account and enter the early settlement discount as a negative amount on the bill.
As an alternative way, you may record the discount by entering and creating the supplier credit.
Get back to me if you have other concerns about applying supplier credits. I'll be around to answer them all for you. Keep safe and have a good one!
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