If you are a retail entity, purchasing trading stock items,
you may enter the percentage discount for a selected item, or you may specify
a percentage overall discount for all the transactions on a purchase document
for a specific creditor or supplier. TurboCASH will post or update the reduced
cost or purchase price (purchase price less any discounts) to the creditor or
supplier and purchase account.
Discount received for the early settlement of
accounts - This discount is received from
your creditors or suppliers at the time of the settlement of their account.
Your creditors or suppliers may agree with you that you may receive a certain
percentage of discounts e.g. 2½ % if you settle the full amount on a purchase within 30
days). This discount is recorded when you settle the full supplier invoice or
your purchase document within the specified time. This discount needs to be
entered as an income (other income accounting group) in a Discount Received
account and will increase the net profit and will have no effect on the gross