How to enter a Discount Voucher?

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Experienced Cover User SteveP
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SteveP
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How to enter a Discount Voucher?

Hi.

 

I use Shopify for my online business and with that I can issue discount vouchers to select customers as I deem appropriate.  They then use these at the checkout to get a discount applied to the sale.

 

I am trying to come up with a way to handle it in MYOB.  I use a shopify clearing account I created in MYOB  which handles the credit card charges but a discount applied to the payment transaction results in a customer credit which is not suitable.  I thought of creating an item for each type of voucher and applying a -1 to the sales order, but that seems a bit of a poor work around.  Gift vouchers are not suitable either because it is not an asset.

 

Any suggestions would be welcome.

 

Cheers

Steve

4 REPLIES
Ultimate Partner ronatbas
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ronatbas
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Re: How to enter a Discount Voucher?

@SteveP

You should run this past your accountant. The discount voucher may be claimable as an expense. This cannot be done by putting a second line on the invoice and would require a clearing account. Set up a #2 Voucher clearing account as Credit Card type. When the payment arrives less  discount voucher amount do two receive payments to close the invoice

1. receive actual payment to bank.

2. receive remainder to the voucher clearing account.

Periodically ( before each BAS) do a Spend Money from Voucher Clearing to an Expense line.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Experienced Cover User SteveP
25 Posts
Experienced Cover User
Australia
SteveP
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Re: How to enter a Discount Voucher?

Thanks Ron.

 

Your advice prompted me to think a little differently.  What I have done is to create a customer credit representing the voucher amount (eg. -$10) to an income account for discount vouchers.  When I process the payment for that customer, MYOB prompts me to apply the credit voucher.  The payment is posted to a clearing account I created for Shopify Payments.  When I receive the Shopify payment into my bank account I can then apply the online processing fee they charge to the clearing account and transfer the balance.

 

It works and lets me monitor and track the vouchers I issue.  It would be nice if there was a more direct method to apply a voucher discount to the order when the invoice is created, but because there are not thousands of these I can do it this way.

 

Thanks again for your advice, I probably wouldn't have got there without it.


Cheers

Steve

Ultimate Partner ronatbas
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ronatbas
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Re: How to enter a Discount Voucher?

@SteveP

 

If you had two clients that you invoiced for $110, your sale is $100 in each case. If you offer one a voucher for say $10 it should not affect your sales amount.

The problem with issuing a credit note is that you are effectively lowering the amount reported at G1 and 1A and this would not please the ATO.

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Experienced Cover User SteveP
25 Posts
Experienced Cover User
Australia
SteveP
Experienced Cover User

25Posts

7Kudos

1Solutions

Re: How to enter a Discount Voucher?

Thanks Ron.  I'll discuss further with my accountant.

 

The voucher is a discount voucher on the sale price of an item issued before they place an order.  It's used extensively online to attract repeat sales and build loyalty.  

 

Fortunately there are no GST implications for me as Olive oil is GST free.  However I agree it does lower the reported sales.

 

Eitherway a chat with the accountant is warranted.

 

Cheers

Steve

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