DISCOUNT LINE IN MYOB SALES INVOICE

[Aenj]

Hi, 

I have the same issue but I'm from Australia. 

I understand that I can simply create a negative item equal to the discount to ensure that the total amount of the invoice is net of discount. 

1.) For recording the discount: Do I used the same account used to record sales? or do i use an expense account (i.e Discount for corporate clients).

2.) If I use an expense account: given that the amount is negative, how will this affect the balance of that account?or the negative amount won't matter given that it's a contra revenue account?

3.) If I use the same account used to record sales: at the end of each month, I want to see the total amount given as discount to the corporate clients, how will I get that data?

Thank you so much! 

[Steven_M · Accepted solution]

Hi @Aenj

It is entirely up to you as to which account you do use for that discount and whether you do wish to use one account for sales and another one for purchases or only the one account.

Typically, clients will have a discount given account which will be an expense account and be used on invoices. As this will be negative to an expense account it will debit that account and thus appear as a positive value on the Profit & Loss i.e. you have made a loss as you have extended a discount to that customer.

As per the above screenshot, the General Ledger [Detial] report will show you the transactions and the activity/balance over a period.