sales_credit:sales_exchange-local
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sales_credit:sales_exchange-local [2014/07/25 04:35] redwana [Examples] |
sales_credit:sales_exchange-local [2014/07/25 07:01] (current) redwana [APPROVE (Sales Exchange - Local)] |
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| - | ====== Sales Discount - Local ====== | + | ====== Sales Exchange - Local ====== |
| * Approve | * Approve | ||
| Line 5: | Line 5: | ||
| * Settlement | * Settlement | ||
| - | ==== APPROVE (Sales Discount - Local) ==== | + | ==== APPROVE (Sales Exchange - Local) ==== |
| - | When a local sales discount is approved, the Trade debtor – control A/C's sub account's credit available will be added the discounted amount of money. | + | When a local Sales Exchange is approved, the Trade debtor – control A/C's sub account's credit available will be added the Exchanged amount. |
| + | ==== POST (Sales Exchange - Local) ==== | ||
| - | ==== POST (Sales Discount - Local) ==== | + | When a Local Sales Exchange is posted to GL, the following accounting entries are created. |
| - | When a Local Sales discount is posted to GL, the following accounting entries are created. | + | ^ GL Interface Type/[Account] ^ Account Usage ^ Sub-account ^ Currency ^ Dr ^ Cr ^ Notes ^ |
| - | + | ^ STOCK IN HAND | Ledger | | Prime | | Returned Actual Cost - Exchanged Actual Cost |If Returned Actual Cost is greater than the Exchanged Actual Cost, then STOCK IN HAND is DR | | |
| - | ^ GL Interface Type/[Account] ^ Account Usage ^ Sub-account ^ Currency ^ Dr ^ Cr ^ Notes ^ | + | ^ COST OF SALES | Ledger | | Prime | Exchanged Cost of Sales - Returned Cost of Sales | | If Exchanged Cost of Sales is less than the Returned Cost of Sales, then COST OF SALES is CR | |
| - | ^ TRADE DEBTOR - CONTROL A/C | AR | Customer - Account | Prime | |Discount | | | + | ^ COMMISSION PAID | Ledger | | Prime | | | | |
| - | ^ SALES DISCOUNT | Ledger | | Prime | Discount | | | | + | ^ SALES DISCOUNT | Ledger | | Prime | | | | |
| + | ^ SALES | Ledger | | Prime | | | | | ||
| + | ^ GST-OUTPUT TAX (Sales) | Tax | | Prime | | | | | ||
| + | ^ TRADE DEBTOR - CONTROL A/C | AR | Customer - Account | Prime | | | | | ||
| + | ^ COST OF SALES variance | Ledger | | Prime | Exchanged Cost of Sales variance - Returned Cost of Sales variance | | If Exchanged Cost of Sales variance is less than the Returned Cost of Sales variance, then COST OF SALES variance is CR | | ||
| + | ^ TRADE CREDITORS- CONTROL A/C | AP | Supplier - Account | Prime | | | | | ||
| \\ | \\ | ||
| - | |||
| - | ====SETTLEMENT Sales Discount - Local==== | ||
| - | |||
| - | Once the sales discount is settled, Trade debtor – control A/C's sub account's credit available will deduct the discouted amount of money and the following accounting entries are created. | ||
| - | |||
| - | ^ GL Interface Type/[Account] ^ Account Usage ^ Sub-account ^ Currency ^ Dr ^ Cr ^ Notes ^ | ||
| - | ^ CASH AT BANK | Bank | | Prime | | Discount | | | ||
| - | ^ TRADE DEBTOR - CONTROL A/C | AR | Customer Account| Prime | Discount | | | | ||
| - | \\ | ||
| - | |||
| - | =====Examples===== | ||
| - | |||
| - | |||
| - | Local Sales: Say, Discount=SGD5.00, Customer=CUS-000001. | ||
| - | |||
| - | ===== 1. APPROVE (Sales Discount - Local)===== | ||
| - | |||
| - | After approving the local sales discount, customer credit available will get SGD5 amount. | ||
| - | And after posting the sales discount, the generated vouchers will contain: | ||
| - | |||
| - | |||
| - | ====2. POST Sales Discount - Local==== | ||
| - | |||
| - | ^ GL Interface Type ^ Sub-account ^ Currency ^ PrimeDr ^ PrimeCr ^ BaseDr ^ BaseCr ^ Notes ^ | ||
| - | ^ STOCK IN HAND | | SGD |90 | | 90 | | | | ||
| - | ^ COST OF SALES | | SGD | | 100 | | 100 | | | ||
| - | ^ COMMISSION PAID | | SGD | | (150-3)*2/100 = 2.94 | | 2.94 | | | ||
| - | ^ SALES DISCOUNT | | SGD | | 3 | | 3 | | | ||
| - | ^ SALES | | SGD |150 | | 150 | | | | ||
| - | ^ GST-OUTPUT TAX (Sales) | | SGD |(150-3)*7/100 = 10.29 | | 10.29 | | | | ||
| - | ^ TRADE DEBTOR - CONTROL A/C |CUS-000001 | SGD | | (150-3)+10.29 = 157.29| | 157.29 | | | ||
| - | ^ COST OF SALES variance | | SGD |100-90 = 10 | | 10 | | | | ||
| - | ^ TRADE CREDITORS- CONTROL A/C|SUP-000001 | SGD |(150-3)*2/100 = 2.94 | | 2.94 | | | | ||
| - | ^ Totals ^ ^ ^ ^ ^ 263.23 ^ 263.23 ^ ^ | ||
| - | \\ | ||
| - | |||
/srv/www/htdocs/wiki/data/attic/sales_credit/sales_exchange-local.1406262910.txt.gz · Last modified: 2014/07/25 04:35 by redwana
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