User Guide

Lesson IV—Accounts Payable

Purchases/Receive Inventory

Discount Information

We began this lesson by changing the payment terms for Arbor

Wholesale Suppliers. Let’s check the discount information for the

purchase invoice we just entered.

13 Select the arrow button to the right of the Terms. This information is just

below the Ship To address.

The Date Due is the date by which the invoice should be paid. The

Discount Amount is the invoice total multiplied by the discount

percentage you entered in the Maintain Vendor record. The discount

date is the date by which we must pay to receive the purchase discount.

The Displayed Terms are the percentage of discount, the time in days for

receiving the discount, and the number of days before the invoice is due.

14 Select OK to exit this window.

Accounting Behind the Screens

Let’s examine the journal entry that will be made to the Purchases Journal

before posting it.

15 Select the Journal button from the toolbar.

You can edit the

account number

for each line item

you entered. The

other fields cannot

be edited in this

window.