How do you handle vendor prompt pay discounts?
ScottSilverstine
Member Posts: 3
In posting a vendor's invoice we are not give the option to input the vendor's payment terms. Wave allows one to input the due date. But what if the vendor allows a 2% discount if payment is tendered in 10 days after the invoice date? Wave does not provide for these types of vendor payment terms. I am wondering how other Wave users handle such terms in posting bills where discounts are offered for prompt payment.
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Hey @ScottSilverstine, I agree that allowing for this functionality would make things a lot easier. I'm going to submit a feature request now.
If this functionality makes sense on the vendor side then you might want to consider employing similiar functionality onto the customer side as well. In creating an invoice the payment terms (the number of days a customer has to pay the invoice) is set when you input the the payment due date. Why not have the payment terms such as net 30 placed into the customer profile so when their invoices are created the payment due date is automatically calculated. Furthermore currently there is no provision to offer customers prompt pay discounts. If you offer a customer 2% discount in return for paying an invoice on or before the 10th day after the invoice date then I suggest enable the Wave user to setup such payment terms in the customer account profile and these discount terms show up on the face of their invoices. I trust this additional suggestion will provide more power to the Wave system.