Recognize Application Discount

Explanation

This activity is used to recognize an application discount. To have control of posting elements, a system object property named DISCOUNT is defined in IFS/Application Services. If the property value is set to TRUE, the discount is recognized and separate vouchers will be created. If not, discount postings will not be created.

When the valuation is set to the Application Received status, the discount amounts are posted in the application. Following is an example of a contract with a 10% discount:

If a valuation (V1) is created and receives an application A1 for £100:

• AFP22 Credit 90 (Create received application amount, 100 -10)
• AFP21 Debit 90 (Create received application amount, 100 - 10)
• AFP25 Credit 10 (create received discount, 10% of 100)
• AFP26 Debit 10 (create received discount, 10% of 100)

Prerequisites

• The valuation should be in the Planned status.

System Effects

• Discount values are recognized as non-cumulative amounts.
• The status of the valuation changes to Application Received, and vouchers are created automatically.
• Postings are created for the discount amounts using the Voucher Date, User Group and Voucher Type as defined in the Receive Application dialog box. More information about the postings created is available in Posting Types for IFS Sub Contract Valuation.

Window

Sub Contract Valuation

Related Window Descriptions

Receive Application
Sub Contract Valuation

Procedure

1. Open the Sub Contract Valuation window and query (F3) for the necessary valuation.
2. Right-click anywhere in the header, point to Status, and then click Receive Application. The Receive Application dialog box opens.
3. The default user group and voucher type appear automatically. You can change these values, if necessary.
4. Click OK.