sales_credit:sales_exchange-local
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Table of Contents
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.
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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