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Error / Bug? - Term Discounts incorrectly, impacting profit result
Hi, I seem to have found an error in the way our term discounts are working. I don't think this is an issue with myset up, but I am looking for feedback.
The problem is as follows. We create an invoice, say for $100 plus tax @10%, so $110 total. The customer then gets a 5% discount if they pay upfront. So they pay us $110 x 95% = $104.50.
The journals currently are as follows:
On sale:
Dr Accounts Receivable $110.00
Cr Sales $100.00
Cr Tax Collected $10.00
Then, on payment of the discounted amount:
Dr Bank $104.50
Dr Discount expense $5.50
Cr Accounts Receivable $110.00
So under the above scenario, our profit is $100 in sales less $5.50 in discounts, so $94.50. However, the above journals don't take into account the tax that we don't have to remit, as we have given the discount, i.e. 10% of the $5.50. I think the second journal should be: