Changing Discount on an Existing Contract
To change discount on an existing contract:
Note: Discount terms cannot be added to an existing contract.
- Access the Edit Contract dialogue box from the Subcontract List page or the Contract Maintenance page.
- From the Subcontract List page, select the Action icon and select Edit Settings.
- From the Contract Maintenance page, select Edit Settings button.
- Enter the discount rate.
- Disburse a discounted Payment.
Before payment is disbursed, the Manage Payments page automatically deducts the discount if the payment application is within the terms.
- The Manage Payments page will display the discount amount in a Discount column.
- There is no discount on tax.
For example: If the payment application amount after retention = £1,000; the Tax = £130; and a 2% discount is in effect for a Discount = £20 (2% * 1,000), then the Payment = £1,110 (£1,000 – £20 + £130).
- Save changes.
Last Published Wednesday, July 10, 2024