Applying Discounts
Learn how to apply discounts to payments in NetSuite with the Vantage Connect helping you manage your payment discounts and processing.
Apply Discounts to Payments
Follow these steps to learn how to apply discounts to vendor payments.
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.
Creating Payment 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.
Setting Payment Terms
Terms can be set at the Vendor level or the Bill level.
Paying Discounts
Using the main navigation bar, go to the Pay Vendor Bills page via Vantage Connect → 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 correct, select the bill and select Pay.
A confirmation page will appear with the To Pay amount. Select the account from the dropdown and confirm that 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.
Check Status of Payment
Using the main navigation bar, go to Vantage Connect → Payments → History.
The status will appear as Processing until the payment has been cleared. Once the payment is complete, the status will display as Completed.
Payments take four business days to appear as Completed in the plugin since there is no positive acknowledgement from the receiving bank.
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 consistently submit the full To Pay amount, regardless of any discounts entered or credit memos applied, and will record the remaining balance as a discount when processing a payment in the ledger.
