Go to Common data → BP tables → Early discount/late charge
Do the setup as per the requirement by entering early discount/ late charges in days and its rate in percentage.
- – (minus) indicates discount while rest are charges.
- 0 to – 4 days, the system will consider no discount
- – 5 to – 09 days, the system will consider – 1% discount
- – 10 and above days, the system will consider – 10% discount
- Whereas 0 to 9 days, the system will not consider any discount or charges, because it is set to 0
- 10 to 29, days system will consider 5% late charges
- 30 to 59 days, the system will consider 8 % late charges
- And 60 and above, system will consider 10 % late charges.
Now go to Setup –) A/P-A/R accounting –) Payment attributes
Make sure that it has to be Account< -> BP and marked as early discount
Now to make the created Payment attribute as a
Go to Setup → General parameters → Parameter values → AP/AR Accounting → Early Disc (TDC)
Right click and go to detail, and enter the default Payment attributes against the line no 4 and 6, which you have created above.
Also, select the due date for the calculation of Discounts / Charges. The possible values are – Open item due date and Invoice date.
Don’t forget to tag account against discount or late charges. To add the same go to
Setup → Financials → Accounting interface → Accounting codes → Payment
Enter the desired location for loss and profit.
Now go to payment terms and define the payment term. Please note that based on Payment term date and Due date basis (Open item or Invoice date) system will consider the Due date.
Now to check, if this is working as per setup, go to A/P-A/R accounting → Invoicing → Supplier BP Invoice
After posting Invoice go to A/P-A/R accounting → Payments → Payment/receipt entry
Create a Payment entry for the created Invoice. Please make sure that you are creating payment either Backdated or on a future date to avail the early discount / late charges.
As soon as you will select Invoice no, the system will auto calculate Discount/Charges- refer Below Image.
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