Record supplier early payment discount
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If suppliers offer a discount for early payments on purchases, you can record this in IRIS KashFlow.
Before being able to do this, you need to create a purchase code called Early payment discount so that you can assign the discount to this code.
Next, you need to create a purchase invoice for amount the supplier has indicated. When saved, this is automatically converted into a credit note. Add a line item to the purchase invoice that includes the following:
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Select the previously created Early payment discount purchase code
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A description relating to the discount
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The value of the discount entered as a negative value
Once the invoice has been created, it is automatically converted to a credit note which you can then apply to an existing purchase order as follows:
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Go to Purchases > Purchase invoices. Select the appropriate invoice from the list.
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From Payments > More actions select Apply Credit.
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Select the previously created purchase invoice / credit note from the list and select Apply. The credit note is applied to the purchase invoice and both documents are marked as paid (or part paid if the purchase invoice has an outstanding balance).