Sales Discount - Local

Approve

POST to GL

Settlement

Approve (Sales Discount - 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.

POST (Sales Discount - Local)

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	Actual Cost
COST OF SALES	Ledger	Prime	Standard Cost
COMMISSION PAID	Ledger	Prime	(SalesPrice-Discount)*Commission%/100
SALES DISCOUNT	Ledger	Prime	Discount
SALES	Ledger	Prime	SalesPrice
GST-OUTPUT TAX (Sales)	Tax	Prime	(SalesPrice-Discount)*Tax Rate/100
TRADE DEBTOR - CONTROL A/C	AR	Customer - Account	Prime	(SalesPrice-Discount) + Tax
COST OF SALES variance	Ledger	Prime	Standard cost - Actual cost	If actual price is less than the standard price, then cost of sales variance is CR
TRADE CREDITORS- CONTROL A/C	AP	Supplier - Account	Prime	(SalesPrice-Discount)*Commission%/100