Table of Contents
Sales Discount - Export
- Approve
- POST to GL
- Settlement
APPROVE (Sales Discount - Export)
When a sales discount for export is approved, the Trade debtor – control A/C's sub account's credit available will be added the discounted amount of money at the base currency.
POST (Sales Discount - Export)
When a Sales discount for export 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 - Export
Once the sales discount for export is settled, Trade debtor – control A/C's sub account's credit available will deduct the discounted amount of money at the base currency 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
Export Sales: Say, ExchangeRate=1.5 BaseCurrency=SGD, Discount=USD5.00, Customer=CUS-000001.
1. APPROVE (Sales Discount - Export)
After approving the sales discount for export, customer credit available will get SGD7.5 amount.
2. POST Sales Discount - Export
After posting the sales discount, the generated vouchers will contain:
| GL Interface Type | Sub-account | Currency | PrimeDr | PrimeCr | BaseDr | BaseCr | Notes |
|---|---|---|---|---|---|---|---|
| TRADE DEBTOR - CONTROL A/C | CUS-000001 | USD | 5 | 5*1.5=7.5 | |||
| SALES DISCOUNT | USD | 5 | 5*1.5=7.5 | ||||
| Totals | 7.5 | 7.5 |
3. SETTLEMENT Sales Discount - Export
Once the sales discount for export is settled, customer credit available will loss SGD7.5 amount, and the generated vouchers will contain:
| GL Interface Type | Sub Account | Currency | PrimeDr | PrimeCr | BaseDr | BaseCr | Notes |
|---|---|---|---|---|---|---|---|
| CASH AT BANK | USD | 5 | 5*1.5=7.5 | ||||
| TRADE DEBTOR - CONTROL A/C | CUS-000001 | USD | 5 | 5*1.5=7.5 | |||
| Totals | 7.5 | 7.5 |
