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Thread: Trade discounts and rebates

  1. #1
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    Trade discounts and rebates

    Hi there

    can someone help me please... I am processing invoices for my company has follows:

    Sales : products R 1 000.00 (inc of vat)
    Rebates / discounts (8%) R 800.00
    total sales R 920.00

    how would you go about processing these invoices in pastel account (partner).

    thanks
    Last edited by Loyyd; 20-Mar-13 at 11:22 AM.

  2. #2
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    Hi
    ON the Customer Processing Screen ,Post the Sales Invoice using Type 4 and the Rebate /Discount Invoice using Type 6.

    The Entries that Pastel will post will be as follows:

    Sales (Type 4)


    Debit the Debtor R1000
    Credit Sales R877.19
    Credit Output Vat R122.21


    Rebate/Discount (type 6)
    Dr. Rebate Account (8% of R1000) R70.18
    Dr Input Vat (14% of R80) R9.82
    Cr. Debtors R 80.00

    However You will have to create the General Account Rebate Paid to post the Type 6 Entry.

    Regards
    Curare

  3. #3
    Platinum Member Neville Bailey's Avatar
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    Just to add a point of clarification to the previous post - the type 6 line item for the rebate must have a minus sign in front of the amount.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    View Neville Bailey Photography

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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