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DISCOUNTS
TRADE DISCOUNT RECEIVED
  
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. traders, retailers, etc. This discount 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.
  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 purchase documents.

    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.

    When you receive a hand-written credit note from your creditors or suppliers, for a specific hand-written supplier invoice, you need to check that the discounts are specified and calculated correctly as was specified on the original supplier invoice.

     

  2. Retail Entity - Stock Items - If you are a retail entity, purchasing stock items from your stock code file, you may enter the percentage discount for a selected item, or you may specify a percentage overall discount for all the transactions on an order, purchase document or stock return document. TurboCASH will post or update the reduced cost or purchase price (purchase price less any discounts) to the creditor or supplier and purchase account.