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Community > Using Xero >

Bill - Early payment discount

Started by Colin Price -   in Using Xero

I want to pay a Euro supplier invoice within their terms and take advantage of the 2% early settlement discount. I am not sure how I can make this payment in Xero and be ale to reconcile the payment and keep correct GST records.
ideas?
Best Reply as chosen by Colin Price (Original Poster)
If I correctly understand what you're saying, we have a similar situation with some supplier invoices. What we do is enter the full invoice details into Xero (so full amounts, tax, etc show correctly) then within the same invoice add a line at the end with a description of "less early settlement discount" and enter the discount as a minus figure in the amount column. This keeps the detail all together within one purchase invoice document (as with the original supplier's invoice) and doesn't create any reconciliation issues.
 

Sue Scott