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Thread: Voucher - Accounting entry

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    Voucher - Accounting entry

    Good day

    A supplier send a voucher to be used for our next purchase. I would like to know the accounting entry when we use the voucher.
    We use Pastel


    Purchase from supplier:
    DR Expense R1000
    DR VAT R150
    CR Supplier R1150

    The voucher is worth R500 off our next purchase

    Payment of the supplier
    DR Supplier R1150
    CR Bank R650
    CR Other Income?? R500


    I would like to know if the other income entry is correct, or how should I process this voucher.
    Thank you.

    Kind regards,
    Seun

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    Hi Seun

    You can raise a supplier journal now - Dr Supplier Cr Other Income, and once you have made the purchase, go into Match Open Items and allocate the R500 to that invoice. (Technically, you aren't entitled to the discount till your next purchase, so you needn't accrue for it now - if you never purchase from them again, you haven't "earned" the voucher)
    Another (probably simpler) option would be to simply put the R500 into the discount column in the cashbook when you pay that supplier. Entry goes to discount received and doesn't require any further processing.

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    Seun (29-Jan-19)

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    Quote Originally Posted by Kevin Smith View Post
    Hi Seun

    You can raise a supplier journal now - Dr Supplier Cr Other Income, and once you have made the purchase, go into Match Open Items and allocate the R500 to that invoice. (Technically, you aren't entitled to the discount till your next purchase, so you needn't accrue for it now - if you never purchase from them again, you haven't "earned" the voucher)
    Another (probably simpler) option would be to simply put the R500 into the discount column in the cashbook when you pay that supplier. Entry goes to discount received and doesn't require any further processing.

    Thank you very much.
    The other income amount, is vat applicable?
    Zero, Standard or Exempt?

    Kind regards,
    Seun

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