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Using TurboCASH

 







DISCOUNTS
DISCOUNT ALLOWED
  
Discount allowed are allowed on sale transactions. There are basically two types of discount, which you may allow to your debtors or customers.
  1. Trade discount - This discount is allowed to your debtors or customers for cash sales or to a special classification or group of debtors or customers, e.g. trade customers, retailers, etc. Is allowed at the time when you sell items or services to your debtors or customers. This discount is usually deducted from the selling price at the time of sale. Only the net selling price is reflected and no discounts are physically recorded as a transaction. This discount will reduce the selling price of the sales and consequently your gross profit will be affected.

    If you are a service entity (and you do not generate documents from the stock item code file), you need to specify this discount in your hand written sales invoices.

    Invoice heading and number. Date of the Invoice. VAT registration number must be displayed if registered for VAT. The address of your business. Name and address of the customer or debtor. Transaction details. Errors and omissions excluded. Invoice total, VAT amount and Inclusive amount payable. Indicates the percentage VAT included. Name of your business.

     

    If you are a retail entity, selling stock items from your stock code file, you may enter the percentage customer discount for a selected item, or you may specify a percentage overall discount for all the transactions on a sales invoice document for a specific debtor or customer. TurboCASH will post or update the reduced selling price (selling price less any discounts) to the debtor or customer and sales account.

  2. Discount allowed for the early settlement of accounts - This discount is allowed to your debtors or customers at the time of the settlement of their account. You may agree with your customers to allow a certain percentage of discount allowed e.g. 2 % if they settle the full amount on an invoice within 30 days). This discount is recorded when a debtor or customer settles the full invoice within the specified time. This discount needs to be entered as an expense in a Discount Allowed account and will reduce the net profit and will have no effect on the gross profit.