Discounts

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Highlighted
Experienced Cover User
18 Posts
Experienced Cover User
Australia
Experienced Cover User

18Posts

3Kudos

1Solutions

Discounts

I maybe on the wrong track here, but it seems to me that MYOB doesn't handle sales discounts (and probably supplier ones too) in the same way as other accounting software I have used.

 

Right now, if I want to keep track of how much discounts we give away per month or year, we have to create a separate Account Item in the Expenses.

 

This seems a bit clumsy when MYOB has the discount column there on the invoicing page.....why doesn't it allow you to just set that so it automatically accounts for the discount and apply it through to the correct accounts in the Genreal Ledger?  Or am I missing the point??

 

If this is so, then I would like to make a suggestion that MYOB upgrade this feature.

 

Thanks

Gary

13 REPLIES 13
Highlighted
Ultimate Partner
963 Posts
Ultimate Partner
Australia
Ultimate Partner

963Posts

25Kudos

245Solutions

Re: Discounts

Gary

MYOB does do the discounts for both sales and purchases automatically provided you have entered the settings correctly.

1)  The fact that you offer discounts must be setup in the linked accounts section to provide the account MYOB will apply the discount to.

      go to Setup>Linked Accounts> Sales Accounts and tick " I give discounts for early payment" and enter the account number you want to be the default for these discounts.

2)  In the customer card set up the trading terms in the "selling details"  tab to provide the discount rate you want to give that customer.

3)  When you "receive payments" the discount will automatically be entered if the customer pays within the time frame.

 

Same process applies to purchases.

Use the "to do list" to get prompts for purchases that have discounts that could be claimed if paid within the time frame.

Cathie Robilliard
BCom. (Acc/Finance) UNSW
MYOB Certified Consultant
BAS Agent
email:cathier@optusnet.com.au
Servicing Sydney South, NSW
Highlighted
Experienced Cover User
18 Posts
Experienced Cover User
Australia
Experienced Cover User

18Posts

3Kudos

1Solutions

Re: Discounts

Cathy

Thanks for that.  This doesn't apply to discounts given to line items though.  For example: if you look at the invoice screen below, there is a place for discout of an item.  It seems to me that the disocunt comes off the product OK, but it is not actually "recorded" as "Discount given".  Can I link this discount in some way to an acocunt?

Thanks

Gary

Highlighted
Ultimate Partner
963 Posts
Ultimate Partner
Australia
Ultimate Partner

963Posts

25Kudos

245Solutions

Re: Discounts

To get line discounts on items you need to set up the default discount on the customer card under the "Selling Detail" Tab.

The amount will be worked out automatically but can be overridden at the time of entering the invoice if you don't want it to apply on any occasion.

Cathie Robilliard
BCom. (Acc/Finance) UNSW
MYOB Certified Consultant
BAS Agent
email:cathier@optusnet.com.au
Servicing Sydney South, NSW
Item discount.JPG
Highlighted
Experienced Cover User
18 Posts
Experienced Cover User
Australia
Experienced Cover User

18Posts

3Kudos

1Solutions

Re: Discounts

Cathie

 

Once again thanks.  This is not really a solution as it is a permanent discount and really is meant for volumes.

 

The discount that we normally apply is more a "special" discount for a customer who may be buying an item for display purposes (not for re-sale) or it may be a monthly "special" we are offering.

 

Having it there permanently, seems a little dangerous.

 

I just wanted to be able to enter it at time of invoicing and then have that applied to the accounts.

 

Gary

Highlighted
Ultimate Partner
963 Posts
Ultimate Partner
Australia
Ultimate Partner

963Posts

25Kudos

245Solutions

Re: Discounts

Hi Gary

I am sure we will get there soon....

It is true that MYOB does not have a separate account for sales discounts.  It only has the discount account for early repayments which is linked automatically in the Sales and Purchases setups.

If you don't want a default discount as discussed above, just enter the discount you want for the one-off invoice by entering the discount rate in the discount column at the time of recording the sale. eg 25% discount.  Enter 25 in the discount column and the program will work it out for you. 

You will have to enter the rate for each item line.

Cathie Robilliard
BCom. (Acc/Finance) UNSW
MYOB Certified Consultant
BAS Agent
email:cathier@optusnet.com.au
Servicing Sydney South, NSW
Special Discount.JPG
Highlighted
Experienced Cover User
18 Posts
Experienced Cover User
Australia
Experienced Cover User

18Posts

3Kudos

1Solutions

Re: Discounts

Cathie - I hope so Smiley Happy

 

I know you can enter the discount there.  I know it automatically works out the new price etc.  BUT, I can't see that the discount is actualy recorded anywhere in the accounts e.g. DISCOUNT GIVEN.  It merely lowers the sale price.  Am I making sense?

 

I want to be able to record the discount given somewhere in the accounts.  I want to be able to look at the end of the month and see what discounts we have given for display items or other special discounts.  It's rather like recording the exchange rate gains and losses - MYOB does this all automatically.

 

Thanks

Highlighted
Ultimate Cover User
2,847 Posts
Ultimate Cover User
Australia
Ultimate Cover User

2,847Posts

1,414Kudos

480Solutions

Re: Discounts

Hi,

 

Just thought I'd add my 2cents worth.

How about creating a new item then when you do a discount, change description to whatever you want as in following attachments; also GST Tax Code has been used in the new discount item.

 

Regards,

 

Taz

Best Regards

Tony Lane - Penguin - Tasmania

Discount Item.jpg
Discount Item Example.jpg
Highlighted
Experienced Cover User
18 Posts
Experienced Cover User
Australia
Experienced Cover User

18Posts

3Kudos

1Solutions

Re: Discounts

Taz

Thanks for that.

That's sort of what we do now, but it seems rather clumsy to me.  I guess I got used to another system where the discount entered was shown on the invoice and then recorded in the accounts automatically. 

But, if that's what we have to do, then so be it.

I still think it would be an improvment to have it done automatically.

Gary

Highlighted
Ultimate Cover User
2,847 Posts
Ultimate Cover User
Australia
Ultimate Cover User

2,847Posts

1,414Kudos

480Solutions

Re: Discounts

Hi Gary,

 

Perhaps it might appear clumsy but I reckon it offers you a creative edge.

With MYOB doing the discount this way can transition into a personal message to your customer that you appreciate their business.

You could go further and enter the discount description as '10% Business Appreciation Discount' etc., reflecting the creativity in your business.

Far better effect than just wacking 10% in the discount column.

 

Regards,

Taz

Best Regards

Tony Lane - Penguin - Tasmania

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post