Vendors & Settlement discount granted on invoices

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)! 

  • Hi there,


    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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