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How can we account the discounts in Sales Order Invoices in separate Revenue/Discount accounts ?

in Receivables & Collections 2 comments

Summary:

Requirement is to capture discounts in separate account (other than Revenue account)

Sales Order :

List Price - $100.00

Discount1 - $5.00

Discount2 - $6.00

Discount3 - $8.00

The accounting entry in AR Invoice should be :

AR Receivable - $81.00 (Dr)

AR Revenue - RevAcc - $100.00 (Cr)

Discount1 - Discount1 - $5.00 (Dr)

Discount2 - Discount2 - $6.00 (Dr)

Discount3 - Discount3 - $8.00 (Dr)

Content (required):

Requirement is to capture discounts in separate account (other than Revenue account)

Sales Order :

List Price - $100.00

Discount1 - $5.00

Discount2 - $6.00

Discount3 - $8.00

The accounting entry in AR Invoice should be :

AR Receivable - $81.00 (Dr)

AR Revenue - RevAcc - $100.00 (Cr)

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