Contract Discount Terms Overview
As a General Contractor, you can apply discount terms on payments to Subcontractors. The Manage Payments page automatically deducts the discount if the invoice is within the terms. Discounts display in a Discount column. Discounts do not apply to tax.
When active, exported payments help some accounting interfaces to better manage and reconcile discounted subcontracts.
The generated ACH file includes the net of the discount applied to each contract. Interfaces reflect discounts paid to Subcontractors based on the accounting package.
- CGC and Spectrum—An extra field in the PMT line item reflects the discount.
- Timberline—An extra field appears in the invoice record for available discounts.
- All Others—Payments are sent as net of discount (similar to split payments).
If a Title Company or Owner acts as the Disburser, that organization is responsible for discounts. The disbursing organization has the ability to disable all contract discounts on a project from the Project Funding page.
Last Published Wednesday, July 10, 2024