sales_credit:sales_return-exports
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Table of Contents
Sales Return - Exports
- Approve
- POST to GL
- Settlement
Approve (Sales Return - Exports)
When a Sales Return for Export is approved, the Trade debtor – control A/C's sub account's credit available will be added the returned amount of money at base currency.
POST Sales Return (Export)
When a Sales Return for Export is posted, 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 | Not Applicable | |||
| 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 |
Settlement Sales Return - Export
Once the sales return is settled, Trade debtor – control A/C's sub account's credit available will deduct the settled amount of money at the base price and the following accounting entries are created.
| GL Interface Type/[Account] | Account Usage | Sub-account | Currency | Dr | Cr | Notes |
|---|---|---|---|---|---|---|
| CASH AT BANK | Bank | Prime | (SalesPrice-Discount) + Tax | |||
| TRADE DEBTOR - CONTROL A/C | AR | Customer Account | Prime | (SalesPrice-Discount) + Tax |
Examples
Export Sales: Say, SalesPrice=USD150, ExchangeRate=1.5 BaseCurrency=SGD, Discount=SGD3.00, Customer=CUS-000001, Commission=2%, Agent=SUP-000001. Stock Item StandardCost=SGD100.00, ActualCost=SGD90.00 and TaxRate=7%
2. Post Sales Return - Export
| GL Interface Type | Sub-account | Currency | PrimeDr | PrimeCr | BaseDr | BaseCr | Notes |
|---|---|---|---|---|---|---|---|
| STOCK IN HAND | USD | 90 | 90 | ||||
| COST OF SALES | USD | 100 | 100 | ||||
| COMMISSION PAID | USD | (150-3)*2/100 = 2.94 | 2.94*1.5 = 4.41 | ||||
| SALES DISCOUNT | USD | 3 | 3*1.5 = 4.5 | ||||
| SALES | USD | 150 | 150*1.5 = 225 | ||||
| TRADE DEBTOR - CONTROL A/C | CUS-000001 | USD | (150-3) = 147 | 147*1.5 = 220.5 | |||
| COST OF SALES variance | USD | 100-90 = 10 | 10 | ||||
| TRADE CREDITORS- CONTROL A/C | SUP-000001 | USD | (150-3)*2/100 = 2.94 | 2.94*1.5 = 4.41 | |||
| GST-OUTPUT TAX (Sales) | |||||||
| Totals | 329.41 | 329.41 |
/srv/www/htdocs/wiki/data/attic/sales_credit/sales_return-exports.1406107440.txt.gz · Last modified: 2014/07/23 09:24 by redwana
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