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Using TurboCASH


Discount received are discount on purchases. There are basically two types of discount, which you may receive from your creditors or suppliers.
  1. Trade discount - This discount is received from your creditors or suppliers for cash purchases or if your business is classified as a special classification or group by your creditors or suppliers e.g. trade customers, retailers, etc. Is received at the time when you purchase items or services from your creditors or suppliers. This discount is usually deducted from the purchase price at the time of sale. Only the net cost or purchase price is reflected and no discounts are physically recorded as a transaction. This discount will reduce the purchase price of the purchases 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), your hand written supplier invoices received, will specify this discount.

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


    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.

  2. 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. 2 % 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 profit.