Release v2.16 - New Features

In this release, Centime has introduced a new feature in the Manage Payables module facilitating the application of early pay discounts offered by client suppliers.

New features

Feature 1 : Module - Manage Payables

Details:

Introducing 'Early Pay Discounts' in Manage Payables

i.  Users can now apply early pay discounts offered by their Suppliers while scheduling an invoice payment.

ii. For QuickBooks Online and QuickBooks Desktop users, users must first link a General Ledger account to post the discounts in the ‘Payment settings’ tab of the Payables settings menu.

Users will be prompted to specify a General Ledger account while applying a discount if an account is not defined in the Payables settings.

iii. In the Unpaid invoices tab, invoices from Suppliers offering early pay discounts will be indicated by a ‘%’ sign under the ‘%’ column.

• A green ‘%’ icon indicates that the discount is applicable.
• A green-filled ‘%’ icon indicates that an applicable discount is applied.
• An amber ‘%’ icon indicates that the discount is applicable and expires soon.
• A filled amber ’%’ icon indicates the discount is applied and is expiring soon.
• A red ‘%’ icon indicates that the discount is applicable but the discount window has lapsed.

iv. User can click on the ‘%’ icon to view details as:

• Payment terms
• Invoice date
• Discount amount
• Expiry date

v. Users with permissions can apply discounts or remove discounts from invoices from the ‘PAY’ tab in the ‘Unpaid invoices’ section.

vi. When a discount is applied,  the discount amount is reduced from the payment amount and invoice payment is ready for scheduling.

vii. For a paid invoice, all the applied discounts can be viewed under the ‘History’ tab of the Supplier profile menu or under the ‘Invoice History’ tab.

viii. Users can filter for invoices with available discounts by clicking on the filter in the Unpaid invoices tab and choosing a filter from:

• Discount available
• Discount applied
• Discount window lapsed

Permissions needed to access this feature:

Under the Manage Payables user permissions settings, the user should have the following permission to access this feature:

Schedule payments and manage the AP workflow (recall, mark paid, post)

If you want to know more about this release, please contact our Customer Success team at [email protected].