Applying Discounts (NetSuite)

step 1 confirm purchase discount account go to setup → accounting → accounting preferences → items/transactions → purchase discount account confirm the appropriate account is selected the account selected here can be any account choose one that works best with your business click save step 2 creating terms terms can be created or modified in the payment terms page go to setup → accounting → accounting lists select filter → type → term from here, you can view and edit terms that already exist or you can select new and create a new term enter the details for your new term once you are done, select save step 3 setting payment terms “terms” can be set at the vendor level or the bill level step 4 paying discounts using the main navigation bar, go to the pay vendor bills page via your bank → payments → vendor bills use the filters to find the bills you would like to pay if a default payment method has not yet been set for the vendor, choose a payment method from the respective column discount amount is automatically calculated on the original amount of the bill based on the terms and dates set on the bill if a discount is calculated to be available (based on the terms), the discount amount box will be automatically populated users can modify the discount amount by editing the value in the discount amount field if the discount looks proper, select the bill and select pay a confirmation page will appear with the to pay amount select the account from the drop down and confirm the number of bills, payments, and amounts are correct then, select ok after selecting ok, a blue payment status bar will appear at the top of the page to show the progress of your payment once the payment request is successfully sent, the status bar will turn green step 5 check status of payment using the main navigation bar, go to your bank → payments → history the status will appear as processing until the payment has been cleared once they payment is complete, the status will display as succeeded note payments take four business days to appear as succeeded in the plugin since there is no positive acknowledgement from the receiving bank note the bank plugin will only transmit the amount paid in netsuite, which will be the remaining bill amount after any discounts or vendor credits are applied for users who view payments made in the netsuite bank plugin later in their bank portal, the amount shown will be the same remaining bill amount that was paid in netsuite partial payments partial payments are not supported the plugin will always submit the “to pay” amount (respective of discount amount entered and credit memos applied) and write the balance as a discount when creating a payment in the ledger