good suggestion - looking into it. While it won't alleviate ALL payments, if Guest Supply is paid in that format, it would eliminate us having to worry about the payment discount entry. Kind of a long route to fix this but there are other benefits to Paymerang as well.
Would be interested in your Paymerang experience if you are going that route as well?
That is a good suggestion. We do not use a cash discounts ledger account however so we would have to migrate in that direction if we were to adopt the suggestion. Thank you for your input
A high-use vendor of ours (Guest Supply) just implemented a 2.5% price-increase due to Covid and the supposed need for additional resources to process check payments but will offer an electronic payment discount/credit of 2.5% right back if we pay online via their payment portal (vs. paying by check).
Our normal AP process is to enter the original invoice(s) into AP (which span several ledger accounts), have it posted/approved for payment and then send a check. In this new world, the last step would involve making the payment online at which time the applicable credit amount would be known. It'll also be known in total for the payment being made and not by ledger account or invoice.
How are others handling credits or payment discounts like these within M3 and/or within your AP entry process so as to not create issues with completing/balancing cash mgmt reconciliations?
Yes. Extensive user of that module. We track all capital projects in it so that we can summarize capital spending and vs. budget. Happy to assist or answer more questions if you would like to reach out (404-801-3277) Ron