Journal for discounts given

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Experienced Cover User
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Journal for discounts given

Hi,  

I have done a journal entry to record discounts allowed  ie: DR Discounts Allowed, CR Sales.  

The GST on this journal entry is shown/recorded in the "Detailed GST Report" but cannnot be seen when I look for it in the GL - "GST Paid" or "GST Collected".   Why is this?

Ty for any help

 

 

1 REPLY 1
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Ultimate Partner
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Re: Journal for discounts given

@Pilot

 

I would not do a Journal for Discount Allowed.

 

Lets say the Sale was $1000 and the client paid $980 with $20 being a discount.

I would do a negative Sale for $20.

 

Some Accountants list Discount Allowed as a operating expense - I would show it as a negative Income ledger.

 

With regard to a Journal, you tick the box to indicate whether the journal relates to a Sale or Purchase.

 

Hope this helps - let us know how you go.

 

Duncan

 

 

 

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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