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Using TurboCASH

 







DISCOUNTS
TRADE DISCOUNT ALLOWED
  
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.
  1. Service Entity or No Stock Items - 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 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.

    When you issue a hand-written credit note for a specific hand-written invoice, you also need to specify the discounts as was specified on the original invoice.

     

  2. Retail Entity - Stock Items - 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 quote, sales invoice for a specific debtor or customer.
You may also specify the Customer discount on the Edit - Accounts - Debtor (Accounting Information tab) menu option. You also need to select the Allow Invoice Discount field for specific Stock Items on the Edit - Stock Items menu option. Once you process customer or debtor documents, TurboCASH will automatically calculate the discount for you.

TurboCASH will post or update the reduced selling price (selling price less any discounts) to the debtor and sales account. If you have issued a credit note for stock items returned by the debtors or customers, and trade discounts was allowed on the original invoice, you need to specify the same percentages on the credit note.

When this invoice or credit note is printed, the discounts will reflect on the document. When the documents are posted or updated to the ledger, the net selling price, (after discounts are deducted), will be recorded in the ledger accounts.