When companies make the transition from Macola Progression to Macola ES/EM10, they often struggle with making sure they capture all their vendor discounts in a timely manner to pay them within the discount period.
While the vouchering process is very similar, the select for payment has a critical distinction between payment date and due date, and understanding those difference is key to taking vendor discounts in a timely manner.
A Macola ES Vendor Discount Example
An invoice is received from the vendor, and you receive a 2/10 net 30 payment term. When vouchering that invoice, Macola will create a split invoice, one for the discounted amount, and one for the discount eligible to be taken.
The example below shows the one voucher split into two separate invoices. Note the payment date and due date differences on the discounted invoice amount.
Notice the purchase invoice transaction has a payment date of 5/8, which is the date that invoice needs to be paid by in order to take the earned discount. The second discount transaction has a payment date and due date that are identical. If the purchase invoice is paid by 5/8, the discount amount will write off to the account specified in company settings. If it is not paid by 5/8, the discount amount will appear to be paid when the payment date selection on the authorize screen includes that date.
When selecting invoices for payment, the best practice is to use only the ending payment date field using the day before your next scheduled check run in the authorize screen and leaving the remaining selection fields open.
This is insurance against missing any invoices with discounts that you want to take advantage of.