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Tax on vendor bill discount amounts
Hi
There is a prompt payment discount being entered on the bill payment screen for a vendor.
The amount entered is the total discount which includes a portion of VAT.
How do I split this so a portion of the discount amount is coded to the GL account nominated under the account set under accounting preferences:
while the amount of tax on this is coded to the VAT(or 'GST' as known locally) account?
For example:
The $12,482 is made up of $1,628.20 in VAT/GST and $10,854.66 net of GST/VAT
There is a 3.5% discount applied to the total amount as a prompt payment discount.
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