Hi, I'm new to peachtree so i apologize in advance!
I am registering my vendors, a few of which supply both equipment (current asset) and office supplies (expense). It says I need to specify an expense account but I dont want current assets written off as expenses. What do I do?
Secondly I need to specify on an invoice that if settled before a specific date (or number of days) a settlement discount is granted and thus recorded correctly in the books. I have tried using the "Terms" -> "Discount amount" but its not allocating (doesn't give me the option to specify which account). when I record the payment (actual value: [invoiced amount less discount]) within the discount term the account is still showing a remaining amount... Do i need to use the GL for this???
Thanks for the help!
To add to that I'd also like to either use multiple currencies (ideally) or just be able to remove the $ sign completely. Can this be done? I have only seen answers where you edit the reports, not a system wide change. Thanks!
Ps I am using the latest free version (for now)!
As for the second part where you need to specify the discount to be given if settlement on a number of days, what you could do is go to maintain customers/prospects for the particuler customer, click payment/credit tab and customize the Terms & Credit where it now would be saying default. Enter all relevant info in this section and it would calculate all the necessary amounts for you. I hope this helps.
I have a related question. I am using the customized terms for the vendor. How does Peachtree calculate the discount date? An invoice with 1/15 terms had an invoice date or 12/15 and a payment date of 12/31. It took the discount even though that's actually 16 days.
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