Sales Discounts

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Sales Discounts

Hello!

 

When a sales invoice is entered with a sales discount I would like to track the gross sale amount and also the total dollar discount in separate general ledger accounts.  Is there a way to do that?

 

If not, I'd like to know if there is a report that I can run that will show me the same information so I can record a journal entry to the same effect.

 

Thoughts ideas?  Thanks!!

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Re: Sales Discounts

Hi @TToohill

Welcome to the MYOB Community Forum.

I'm not a bookkeeper but if I've entered a sale and given discounts as illustrated in the following image:-

AR Sales Discount.jpg

  1. There is no existing report available for that type of activity so if I really needed one, I'd have to export all my item invoices, open the exported file in Excel then sort by Discount field:-
    • Using the Discount field filter in Excel delete all records records that are blanks and 0%
    • The amount in the Total field represents 100% minus the Discount value %
    • The exact dollar discount amount would have to be worked out based on what was indicated in the above point; ie: if the Discount value % was 5% discount and the Total value was $95 then value of the discount is $5)
  2. The item Number 'Discount' value is an I Sell only within my items list and is linked to a cost of sales account; by selecting that Account through the 'Account Transactions (Accrual)' report I am able to get a report on those discounts given.

 

Best Regards

Tony Lane - Penguin - Tasmania

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Re: Sales Discounts

Hi Tony

 

I think if it were me and I was using "the items method" as TonyL suggests I would run a report for the "Gross Sales amount by Item" which would give you the "Gross Sales Amount" and also the total "Discounts Given"

 

Or the easiest way I think is to set up an account called "Discounts Given" 5-2100 and link this through the Sales Linked Accounts against "I give discounts for early payments" refer the example company Clearwater Pty Ltd

 

You can then run a report for "Gross Sales" and also a report for "Discounts Given" by running the General Ledger Detail Report

Geoff
Busselton Bookkeeping Service
MYOB Bookkeeping Partner, BAS Service Provider
Phone 08 9754 7680
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Re: Sales Discounts

Hi Geoff, @Geoff_

 

I'm sorry cobber but you have lost me on:-

  1. "...run a report for the "Gross Sales amount by Item"..."
    • "...which would give you the "Gross Sales Amount"..."
    • "...and also the total "Discounts Given"..."

Can you please tell us the exact name of that report for the "Gross Sales amount by Item" and in which tab of Reports does it exist?

 

I suspect you are referring to the Sales Linked Account "I give discounts for early payment" checkbox as in the example Clearwater Pty Ltd company files which sets account "5-2100 Discounts Given" as its value.

 

I was simply responding to what user @TToohill said "...When a sales invoice is entered with a sales discount I would like to track the gross sale amount and also the total dollar discount..."

 

In reply I said "...I'm not a bookkeeper but if I've entered a sale and given discounts as illustrated in the following image..." and accordingly offered two examples where this could occur:-

  1. A percentage discount has been entered in the Disc% column
    • That is why my item methodology was explained on how to arrive at such values
    • To the best of my knowledge and experience there is no such report that will provide that information neither can I bespoke an existing report to suit the requirement.
  2. Item # 'Discount' was entered for a loyalty discount
    • Hence my suggestion to use the 'Account Transactions (Accrual)' report for that/those (COS Discount) account/s to obtain a report on those discounts.  The account deployed within Sales Linked Account "I give discounts for early payment" checkbox should not be utilised for such discounts.

Is that fair enough?

Best Regards

Tony Lane - Penguin - Tasmania

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Re: Sales Discounts

Hi Tony how are you?

 

Sorry for my confusing explanation.

1/. In the first part of my answer I was referring to your great idea of using the item invoice, I was referring to running the Sales [Item Details] report which will show the Gross Amount and the Discount separately.

This report can be found under Sales Item Details refer attached, which then you select the Items you wish to access through your advanced filters

 

2/.Then in the second part of my answer was what I thought may be an alternative way of doing it was when using a Service Invoice.

 

However Tony I do like your suggestion although I use my idea when I use Service Invoices and we do not run the Inventory

 

Again Tony sorry for the confusion.

 

Geoff
Busselton Bookkeeping Service
MYOB Bookkeeping Partner, BAS Service Provider
Phone 08 9754 7680
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Re: Sales Discounts

Thank you very much Geoff @Geoff_ for sharing that information.

 

I'm feeling great right now; as my confusion has dissipatedSmiley Very Happy

 

It is ideal to use for select items sold that attract a discount like the two for the price of one special illustrated in my earlier image.

 

I did dismiss using that Sales [Item Detail] report earlier because it was not a columnar report like the Sales Register Detail [All Sales] report which does not have the Discount column; Thank you once again. Smiley Happy

 

The output from the Sales [Item Detail] report will bespoke within Excel to achieve an output similar to an item sales export.

 

Well Done, Heart your work!

 

cc @TToohill

Best Regards

Tony Lane - Penguin - Tasmania

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