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
TRADE DEBTOR - CONTROL A/C	AR	Customer - Account	Prime	Discount
SALES DISCOUNT	Ledger	Prime	Discount

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.